Gov. Reynolds Signs Tax Cuts, Mental Health Financing Into Law

Gov. Reynolds Signs Tax Cuts, Mental Health Financing Into Law

Dedicated, sustainable mental health funding from Iowa’s General Fund 
Includes a growth factor that allocates new money as revenue increases   SF 619 invests in mental health and foundational priorities like child care and housing:   Increases eligibility for the Child Care Tax Credits from families making $45k – $90k   
Increases workforce housing tax credits to $40 million for FY22 ($35 million for years following)   
Extends Brownfield/Grayfield and increases funding from $10 million to $15 million  
Develops a Manufacturing 4.0 strategic roadmap for the future of manufacturing in the state of Iowa 

Reduces the number of tax brackets from 9 to 4  
Eliminates Federal Deductibility   SF 619 drops tax rate from 8.53% to 6.5%  

Phases out the mental health levy over 2 years, saving property taxpayers over $100 million 
Phases out state inheritance tax over 4 years, saving taxpayers nearly $100 million   
Expands eligibility for the Beginning Farmers Tax Credit   
Food Bank sales tax exemption   SF 619 provides significant tax relief to hardworking Iowans:   

  Source ###    

Gov. Reynolds was joined by Majority Leader Whitver, Senator Dawson, Senator Costello, Senator Edler, Rep. Hite, Rep. Fry, Rep. Lundgren, Rep. Meyer. They were also joined by the Iowa Association of Business and Industry, Iowa Business Council, Iowa Housing Partnership, NFIB, Iowa Farm Bureau, Iowa Hospital Assoc., Iowa Bankers Assoc., Iowa Chamber Alliance, Iowans for Tax Relief, Iowa Taxpayers Association, Iowa Food Bank Assoc., and Americans for Prosperity.   “Today’s legislation ushers in a new era of growth and opportunity in Iowa,” said Gov. Reynolds. “But we are not done yet. Next year, I’ll be proposing additional income tax cuts as we continue to make Iowa the most attractive place in America to open a business, raise a family, and start a career.”   

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