x
Breaking News
More () »

Iowa bill will save taxpayers $95 million this fiscal year

Leaders of the Iowa Legislature say they’ve agreed on some budget issues for the upcoming fiscal year involving tax credit measures.

DES MOINES, Iowa (AP) — Leaders of the Iowa Legislature say they've agreed on some budget issues for the upcoming fiscal year involving tax credit measures.

Leaders for the Republican-controlled House and the Democratic-majority Senate announced the development Thursday through the introduction of legislation. The bill includes a retroactive tax measure that would cut $95 million in state revenue from the current fiscal year but provide a tax break for some Iowa residents and businesses. House leaders have criticized Democratic lawmakers for weeks for not initially supporting the measure, known as tax coupling.

The bill allows Iowan business owners, farmers, teachers and others to write off certain purchases.

The measure also details a manufacturing tax exemption that is expected to cut revenue for the fiscal year that begins in July. Additional information wasn't immediately available.

Lawmakers didn't explain how they would cover the revenue reductions, and it's not guaranteed that the state will be able to afford the exemption next year.

Before You Leave, Check This Out