- Osceola County Daily News - https://www.osceolacountydailynews.com -

Governor’s Proposed Corporate Income Tax Cut Unlikely To Get GOP Approval In 2022

Des Moines, Iowa — Key lawmakers say the Republican-led legislature is focused on cutting personal income taxes and the corporate income tax cut Governor Kim Reynolds has proposed isn’t part of their plans at this point.

Republican Senator Dan Dawson of Council Bluffs is chairman of the Senate Ways and Means Committee.

https://kiwaradio.com/wp-content/uploads/RIkay32Rs2.mp3 [1]

Some of the current credits are so lucrative some corporations get a tax refund check from the state. House Speaker Pat Grassley says corporate tax credits and sales tax exemptions have to be reduced or eliminated if the corporate income tax rate is to be reduced.

https://kiwaradio.com/wp-content/uploads/RIkay60Rs1.mp3 [2]

Senator Dawson says the governor’s other tax proposal, to have just one rate of four percent for personal income taxes, is the focus.

https://kiwaradio.com/wp-content/uploads/RIkay32Rs1.mp3 [3]

The governor’s proposal retains current credits and deductions for individuals and couples filing personal income taxes. Reynolds is calling for a study about which tax breaks to get rid of and which ones to keep. Dawson says of some credits could also be called tax shelters for upper-income Iowans.

https://kiwaradio.com/wp-content/uploads/RIkay32Rs3.mp3 [4]

Dawson says Republicans do not intend to do away with the standard deduction, credits for the parents of minor children, or the minimum income threshold for filing, all of which ensure the poorest Iowans don’t pay income taxes.