Today, the Iowa Senate passed SF 576 to eliminate the triggers in place restraining significant tax relief and tax simplification for Iowans and provides a certain effective date of January 1, 2023. This bill also eliminates the inheritance tax in Iowa over a period of three years.
“SF 576 provides Iowans with permanent and certain tax relief and keeps our promise to Iowans to reduce their tax burden,” said Senate Majority Leader Jack Whitver, R-Ankeny. “One stimulus check wears off in a matter of days or weeks. Permanent tax relief gives small businesses and Iowa families confidence to work and invest in this state. It is a long-term pro-growth strategy to expand career opportunities and help Iowans keep more of their hard-earned money. After today’s vote, I look forward to cutting Iowa income taxes even more in the future.”
“Few functions of government are more immoral than the death tax,” said Sen. Dan Dawson, R-Council Bluffs, Chair of Ways and Means. “Iowans pay taxes on their income, their property, their vehicle, their gasoline, and nearly everything they buy for their entire life. Then, after a lifetime of paying taxes, the government arrives and demands another chunk out of the work Iowans have done. I think a lifetime of paying taxes is enough.”