Yesterday Governor Branstad signed Senate File 295 into law, issuing the largest tax cut in Iowa history.
Branstad held the signing ceremony at Hawkeye Ready-Mix Concrete in Hiawatha, where he recognized the support of many individuals involved in this historic reform, including Speaker Kraig Paulsen who was on hand during the ceremony.
“Today, the largest tax cut in Iowa history will become law. I am proud to say this tax cut passed with bi-partisan support in both the Iowa House and Iowa Senate,” said Branstad. “This tax relief bill will put more money in the pockets of Iowa families and make it easier for Iowa businesses to invest and grow in our state. I am proud to say that today, we make it easier for Iowa families to grow and thrive in the Heartland of America.”
Lt. Gov. Kim Reynolds acknowledged the bi-partisan efforts.
“In Iowa, a group of thoughtful leaders differentiate themselves by a commitment to working together, and that commitment to working together is what helps make Iowa so great” said Reynolds. “This is a tax cut that will help Iowa families, farmers and businesses grow and prosper.”
Over ten years, this bill will provide an estimated $4.4 billion in property tax relief for Iowa’s hardworking taxpayers. Every class of property will see permanent property tax relief, with agricultural and residential property tax payers saving an estimated $500 million annually by year ten. On top of all the property tax relief, the bill includes nearly $90 million in annual income tax relief.
Video of Speaker Paulsen’s remarks: