An amendment to a state Department of Revenue bill included the exemption, adding Iowa to what has become a nationwide movement to remove sales taxes on menstrual products and diapers.
Articles Tagged: Taxes
Business News May. 4, 2022 10:48 am
TurboTax’s parent company will pay some $1.02 million to approximately 33,000 Iowans who were misled by the tax preparer, Iowa Attorney General Tom Miller’s office said Wednesday.
In Iowa, the average gas price Thursday was $3.924, but topped $4 in many rural areas according to AAA. However, Iowa lawmakers say they’ve heard little talk of suspending state motor fuel taxes -- 30 cents a gallon state tax on gas and ethanol, and 32.5 on diesel fuel.
The bill, one of three GOP tax relief plans under consideration, would phase in a four-year gradual reduction in Iowa’s personal income tax rate from the current top rate of 8.53 percent for the highest wage earners to 4 percent for all taxpayers.
Similar to previous hearings, speakers on Monday were divided between those who said a flatter tax rate would make Iowa a more attractive place for businesses and employees, and those who said the plan benefits the wealthy while doing little to help lower-income workers.
The feedback from various business groups, conservative tax policy organizations, and water quality and environmental advocates was not unanimous, but certainly largely in support of Republican state legislators’ varied proposals to lower the state tax on income to a single rate; reduce the state tax on businesses; and create a shift in taxes that provides funding for the long-starved state fund for conservation and water quality projects.