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Steckman Votes for $60 Million Job Creation Tax Cut for Middle Class & Small Businesses

Legislator Sharon Steckman
Legislator Sharon Steckman

Des Moines, Iowa – In the first vote of the 2013 legislative session, State Representative Sharon Steckman of Mason City supported a $60 million tax cut in the Iowa House today that will help create new jobs and opportunities for working families.

“The bill approved today will strengthen Iowa’s middle class and help small businesses across Iowa. It will encourage Iowa small businesses to invest and expand in their own operation and encourage more investments in research that will lead to more jobs for Iowans,” said Steckman.

Called “coupling” with the federal tax code, the bill allows Iowa businesses to expense the first $500,000 of new equipment costs and assures the state Research Activities Credit functions the same as the federal credit. It also continues the $250 deduction for teachers for classroom expenses; tuition and fee deduction for higher education; child and dependent care credit; and the Earned Income Tax Credit.

“With over 200,000 already participating every year, extending the Earned Income Tax Credit will assist families already holding down two or more jobs to make ends meet, build a stronger middle class, and boost economic activity in local communities,” said Steckman.

The bill, Senate File 106, is now on the way to the Governor’s desk. In addition to saving Iowans money, it will also be easier for Iowans to file their state income taxes because it will match federal tax changes. The bill saves taxpayers $25 million in the current fiscal year and $35 million next year.

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