Statewide Iowa — Various interest groups lobbied for their preferred approach to tax changes during the hour long virtual budget hearing Governor Kim Reynolds hosted Thursday.
Reynolds did not reveal her own plans, but made it clear she will propose tax cuts of some kind.
Chris Hagenow of Iowans for Tax Relief got the first speaking slot and called for permanent reductions in personal income tax rates.
A new Utah law requires citizens be notified when a city, county or school district intends to raise property taxes and be invited to a public hearing to voice concerns. Some representatives of business groups urged the governor to cut corporate income taxes. Jessica Hyland of the Iowa Biotechnology Association urged Reynolds to maintain tax breaks for investors in start-up companies and the research and development tax credit for corporations.
Others spoke in general terms, using phrases like tax equity for businesses. Scott Newhard is vice president of the Associated General Contractors of Iowa.
Sharon Presnall of the Iowa Bankers Association brought up the long-standing dispute over the different ways banks and credit unions are taxed.
Banks pay a state tax on their profits. Credit unions pay a state tax on their reserves. The Republican led Senate voted to change that in 2018, but Republicans in the House led by one of their own GOP members rejected the idea.
