Iowa Governor Terry Branstad has signed the largest tax cut in Iowa history.
The signing ceremony was today in Hiawatha at Hawkeye Ready Mix Concrete. Branstad said today that the tax relief bill will put more money in the pockets of Iowa families, and make it easier for Iowa businesses to invest and grow in the state. Over 10 years, the bill will provide an estimated $4.4-billion in property tax relief to Iowa’s hardworking taxpayers. Also according to a press release from the governors office, every class of property will see permanent property tax relief. Agricultural and residential propert tax payers will save an estimated $500-million annually by year 10. On top of all the property tax relief, the bill includes nearly $90-million in annual income tax relief.