The Iowa governor has put forth a significant tax reform package. Iowa Gov. Kim Reynolds and Lt. Gov. Adam Gregg have announced the goal of the proposed reform is to provide immediate tax relief to middle class workers, small business owners, farmers, families and teachers across Iowa.
Possible Iowa Tax Reforms
Some of the items in the reform plan include:
- reduction of personal income tax rates
- increase in the standard deduction starting in 2019
- additional standard deduction for the elderly and blind in 2019
- educator expense deduction
- Code Sec. 179 expensing limit increase
- collection of out-of-state sales tax
- elimination of the alternative minimum tax
The text of the press release is available on the governor’s website at: https://governor.iowa.gov/2018/02/gov-reynolds-lt-gov-gregg-unveil-sweeping-new-tax-policy.
Press Release, Office of the Governor of Iowa, February 13, 2018