DES MOINES ñ The Iowa Legislature has given final approval to a job creation tax cut proposed by State Senator Amanda Ragan of Mason City. |DES MOINES ñ The Iowa Legislature has given final approval to a job creation tax cut proposed by State Senator Amanda Ragan of Mason City. The legislation, which Governor Branstad is expected to sign, will benefit 240,000 Iowa families, create economic activity in every Iowa community, and encourage immediate business investment in Iowa.
“This is one of several job creation measures I’m working on. I hope it is just the first of several to be signed into law,” said Ragan.
Every Iowa community will receive an immediate and on-going boost to their local economies thanks to Senate File 209, the Jobs Creation Tax Cut put forward by Ragan. An increase in the Earned Income Tax Credit will put more money in the pockets of working Iowa families with incomes less than $45,000.
“This is a smart tax cut, one that helps families make ends meet and pay everyday bills like child care, groceries, doctor bills and home heating bills,” Ragan said. “These dollars will be spent in communities across Iowa and encourage job growth.”
The legislation also allows small businesses and other businesses to deduct the entire cost of autos, machinery, property and other big ticket items purchased in Iowa immediately instead of depreciating them over time. It also couples the Iowa tax code with the federal code, pays state bills that were going unpaid, and makes supplemental appropriations to community colleges, public safety, and mental health.