Des Moines, IA- The state of Iowa has a budget surplus of over $1.9 billion.
Radio Iowa reports that Governor Reynolds has announced the state has $830 million in reserve funds and holds more than a billion dollars in its Taxpayer Relief Fund.
Larger than expected corporate tax payments are triggering a corporate tax cut as well. In a written statement, Governor Reynolds said it shows tax cut critics were wrong and growth-oriented policies and fiscal restraint are paying off.
House Democratic Whip Lindsay James of Dubuque says instead of lowering costs for Iowans and investing in public schools, Reynolds is celebrating another huge handout to corporations.
