(DES MOINES) — In 2011, House Republicans created the Taxpayers Trust Fund which gathers a portion of the ending balance and sets it aside to be returned to taxpayers. With the implementation of the Commercial Property Tax Reform Package in 2013 also comes the tax credit from the Taxpayer Trust Fund.
“House Republicans have led the charge to restore fiscal discipline to the state budget which has resulted in an overpayment of tax dollars by Iowans,” said Rep. Tom Sands (R-Wapello), Chairman of the House Ways and Means committee. “The Legislature must not use this money to grow government. Instead, House Republicans will continue to find ways to send money back to the taxpayers and not take as much out of their pockets to begin with.”
The Iowa Department of Revenue recently announced the credit for tax year 2013 will be $54, which Iowans will see when their file their 2013 tax returns.
“It is important to note that this is $120 million that is being rightfully returned to hardworking taxpayers and it will be pumped through the economy instead of increasing government spending,” said Sands.
For additional information, please visit http://www.iowa.gov/tax/.