Statewide Iowa — Governor Kim Reynolds is making a public pitch for a reduction in Iowa’s corporate income tax rate.
Reynolds did not mention cutting income taxes for corporations when she unveiled her tax plan during her Condition of the State Address in January. During a news conference Wednesday, however, Reynolds described Iowa’s corporate tax rate as a liability compared to the zero rate in South Dakota and Nebraska’s corporate income tax of seven-and-a-half percent.
House Republicans have released a bill that includes most of the governor’s tax proposals, with the exception of a corporate income tax cut. Senate Republicans have a plan that does cut the corporate tax, but not as deeply as Reynolds proposes. The Senate GOP plan also reduces or eliminates some popular business tax credits and exemptions. Reynolds says her goal is to keep the corporate tax rate simple, but she’s not saying what concessions she might make.
Reynolds made her comments during a news conference at a business in Des Moines to tout another element of her tax plan that is included in both plans released last week by House and Senate Republicans.
