• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, February 7, 2023
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home State Government

Group Pushes for Tax Cuts with Iowa’s Projected Revenue Growth

Chris Hagenow: "Strong economic growth coupled with spending discipline provides an excellent foundation for the legislature to move forward with additional tax relief."

Iowa TorchbyIowa Torch
December 11, 2020
in State Government
Reading Time: 2 mins read
Group Pushes for Tax Cuts with Iowa’s Projected Revenue Growth

DES MOINES, Iowa – The December Revenue Estimating Conference (REC) projects that the state of Iowa’s projected net general fund revenue in FY21 will be $7,969,300,000, a slight increase from October’s projection and 0.5 percent more than FY20 actual revenue. The REC projected the net general fund revenue in FY22 to be $8,265,700,000, a 3.7 percent increase from FY20 and a $296.4 million increase over the current fiscal year (FY 2021) estimate.

RELATED POSTS

Reynolds names Stephen Osborn Iowa’s new Adjutant General

State of Iowa invites feedback about where to spend broadband funding

Bird joins lawsuit against Biden Administration’s Parole Action

State Rep. Gary Mohr, R-Bettendorf, Chairman of the House Appropriations Committee, was cautiously optimistic. 

“While things currently look positive, we don’t fully know what sort of future impacts the pandemic will have on Iowans’ pocketbooks, our economy, and the state budget. With that kind of uncertainty, we must proceed with caution and resist the urge to spend every last dollar that the state collects,” he said in a released statement.

“Make no mistake, Iowa is in strong financial position which is largely due to the responsible budgeting practices that House Republicans have fought to implement over the last decade. That’s why the nonpartisan Council of State Governments has ranked Iowa as the #1 most prepared state in the country to withstand the financial challenges that COVID has presented us with,” Mohr said. “House Republicans will continue to conservatively and responsibly manage the state budget.”

Chris Hagenow, vice president of Iowans for Tax Relief and the former Iowa House Majority Leader, applauded the news.

“Today’s estimate shows the resiliency of Iowa’s Economy during the COVID-19 pandemic. While other states make dramatic budget cuts, the leadership of the Governor and legislature have put our state in an enviable fiscal position,” he said.

Hagenow called for the additional tax cuts passed in 2018 to take effect. 

ADVERTISEMENT

Much of the tax relief in the 2018 legislation was subject to revenue triggers requiring revenue growth of four percent that needs to be met before lower rates could be enacted in 2023. If the revenue target is met, the top rate will fall to 6.5 percent

“Strong economic growth coupled with spending discipline provides an excellent foundation for the legislature to move forward with additional tax relief. The Governor and legislature should confidently seize the opportunity to further boost Iowa’s economy and put money back in the pockets of Iowa taxpayers,” Hagenow said.

Tags: 2021 Iowa Legislative SessionChris HagenowGary MohrIowa House Appropriations CommitteeIowa LegislatureIowa tax policyIowans for Tax ReliefRevenue Estimating Conference
ShareTweetShare
ADVERTISEMENT
Previous Post

Hinson Calls Texas Challenge to Presidential Election a “Values Statement”

Next Post

FCC Awards Over $140 Million to Iowa Broadband Providers

Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

Speaker Pat Grassley Announces Updated Iowa House Committee Assignments
State Government

Iowa’s state revenue forecast increased by almost $400 million

October 19, 2022
shallow focus photo of white open sigange
Opinion

Hendrickson & Patnode: Iowa needs regulatory reform to promote economic growth

October 5, 2022
Reynolds signs bill phasing in 3.9 percent flat tax
State Government

Reynolds announces $1.91B budget surplus, significant drop in corporate tax rate

September 28, 2022
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial
Opinion

Ernst: Democrats’ misplaced priorities are creating problems for the rest of America

September 23, 2022
Opinion

Hendrickson & Mozena: Time for tax credit reform

August 25, 2022
Reynolds signs bill phasing in 3.9 percent flat tax
Opinion

Hendrickson: Fostering a Competitive and Friendly Tax Climate

July 15, 2022
Next Post
Jones: Building Broadband

FCC Awards Over $140 Million to Iowa Broadband Providers

Ernst: Protecting Troops, Saving Tax Dollars, and Maintaining Our National Defense.

Ernst: Protecting Troops, Saving Tax Dollars, and Maintaining Our National Defense.

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Hendrickson: Fiscal Conservatism Works

Hendrickson: Governor Reynolds and Iowa Legislature deliver for taxpayers

February 28, 2022
Iowa Allocates $15 million in CARES Funds to Broadband Programs

Iowa House Passes Bill Aimed at Reducing State’s ‘Broadband Deserts’

April 1, 2021
Reynolds signs bill creating education savings accounts

Ingstad & Hendrickson: Iowa education reforms point to what’s next

February 2, 2023

Popular Stories

  • Hendrickson: Fiscal Conservatism Works

    Hendrickson: Placing Iowa’s income tax on the road to elimination

    0 shares
    Share 0 Tweet 0
  • Ingstad & Hendrickson: Iowa education reforms point to what’s next

    0 shares
    Share 0 Tweet 0
  • State of Iowa invites feedback about where to spend broadband funding

    0 shares
    Share 0 Tweet 0
  • Ernst: Investigation proves group that funneled tax dollars into Chinese labs can’t be trusted.

    0 shares
    Share 0 Tweet 0
  • Iowa Dept. of Revenue Releases 2022 Individual Tax Brackets, Interest Rates, and Deductions

    0 shares
    Share 0 Tweet 0

The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.