Today, Senate Majority Leader Jack Whitver, R-Ankeny, delivered remarks at the bill signing for HF 2317, the largest income tax cut in Iowa history. His remarks, as prepared for delivery are below:
“Good morning! Today is a great day in Iowa! And today is a historic day in Iowa as the governor signs the largest income tax cut in state history.
6 years ago, when Republicans won the Iowa Senate majority and therefore the trifecta at the capitol, we inherited one of the most complicated and punitive tax codes in the entire country.
We were 4th highest in the nation in individual income tax rates at 8.9%.
We were 50th in corporate tax rates – the highest in the nation in 2016.
But 6 years ago, we laid out a vision for Iowa, and more specifically a vision for tax reforms in Iowa. A vision where Iowa is a state that encourages work and encourages investment. A vision where retirees stay in Iowa to be close to their kids and grandkids. A vision of a tax code that is simple, flat and fair to Iowa taxpayers. HF 2317 brings that vision to life.
This bill reduces the individual income tax rate in Iowa to the 4th lowest rate in the country – saving the average taxpayer over $1300 per year. It eliminates taxes on retirement income in Iowa. And it begins to reform our outdated and job killing corporate tax code.
In this post pandemic economy, the competition is fierce for jobs and workers. This bill will ensure that Iowa will compete for those jobs and workers.
HF 2317 is the result of the hard work of so many people. Senator Dawson, who spent hundreds of hours working on tax policy that would make Iowa more competitive. Thank you for your time and effort to get this bill done!
Speaker Grassley and Representative Hein – thank you for your work on the House side to make this bill a priority for the House.
Governor Reynolds – thank you for your leadership on tax reform. In five years as governor, you have signed 3 historic tax cuts. This wouldn’t happen without the leadership from you and your office.
Most importantly, today when the governor signs HF 2317, it will be making good on our promise to Iowans, a promise that when over collect tax dollars, we will return that money in the form of permanent, sustainable tax reductions to Iowans. Today is a great day in Iowa, and a great day for Iowa taxpayers. Thank you all for coming out, we are looking forward to seeing this vision signed into law.”