Iowa Senate approves tax overhaul plan - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa Senate approves tax overhaul plan

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UPDATE: The Associated Press is reporting the Iowa Senate has advanced a tax bill that would cut more than $1 billion annually in taxes to the state on Wednesday night. The Iowa House would need to approve the measure for it to move to Governor Kim Reynolds' desk.

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Original Story:

Iowa Senate Republicans appear set on approving more than $1 billion in annual tax cuts to the state without explaining how they plan to pay for it.

GOP lawmakers in the chamber are advancing legislation that would include reducing corporate income taxes and individual income taxes. The sweeping bill also would eliminate some tax credits, rework sales tax collections and mirror parts of the federal tax system.

Senate Republicans have scheduled a floor vote for the bill Wednesday, one week after releasing the proposal publicly. It would then head to the House, where its future is uncertain.

GOP Gov. Kim Reynolds has proposed a separate bill that would cut $1.7 billion in taxes over several years. A House panel is scheduled to review that bill Thursday.

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