Gov. Reynolds Unveils Tax Plan

February 15, 2018

On Tuesday, Feb. 13, Gov. Reynolds released a summary of her comprehensive tax policy bill. The legislation has many components including reducing individual income tax rates, increasing Sec. 179 expensing to $100,000, providing for 25 percent of the new qualified business deduction, eliminating the Alternative Minimum Tax and adding language to take advantage of changes in retail buying habits. The bill doesn’t include reductions in the corporate income tax or changes to existing tax credits for corporations or individuals. Click here for the full release. The bill is SSB 3195. We expect to see a tax policy plan introduced in the Iowa Senate next week that will address corporate taxes, in addition to individual income taxes. Click here to read more from Radio Iowa on the proposals. ABI is currently seeking feedback from members. Staff contact: Nicole Crain.