Statewide Iowa — Governor Kim Reynolds says due to the pandemic, she will not ask legislators to pass the tax reform plan she unveiled last February.
(as said) “At this point, I’m going to pause the ‘Invest in Iowa’ initiative,” Reynolds says. “I won’t be proposing that again this year, but we’ll always continue to work with the legislature and we are always looking for ways to help hard-working Iowans keep more of their hard-earned money.”
The plan called for cutting individual income taxes by 10 percent while raising the sales tax one percent. The new sales tax revenue would have been used on water quality and the mental health system. Reynolds says her goal with the plan was to set the stage for a decade of growth and transformation in Iowa.
(as said) “But we’re not through COVID yet and we’re still not 100% sure of the impact it will have on our economy moving forward,” Reynolds says.
Reynolds says Iowa’s economy has been resilient during the pandemic and, unlike other states, Iowa policymakers aren’t contemplating tax increases to deal with state budget deficits.
