Iowa Governor Kim Reynolds is introducing her Invest in Iowa Act. During an appearance in Oskaloosa Wednesday afternoon (2/12), the Governor talked about her plan and the many areas it covers.
“It’s an overall tax reduction, an income tax cut. We raise the sales tax a penny, but 5/8-plus of that is plugged into an an overall tax cut. It fully funds our mental health system. It reduces the burden on property taxpayers, because it shifts the way that we fund mental health from property taxes to the state general fund. And then it funds the trust fund, the Natural Resources and Outdoor Recreation Trust Fund, which puts substantial money into water quality, conservation and quality of life.”
Reynolds says the income tax cut will make Iowa more competitive when it comes to attracting businesses to the state. She says it will also raise the upper limit for a child care tax credit from $45,000 to $90,000.