Iowa House Speaker Linda Upmeyer says a reduction in Iowa’s CORPORATE tax rate may be tacked onto the tax bill that cleared its first hurdle in the House last week.
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The governor’s plan and the House G-O-P proposal both include “triggers” that would stop any scheduled tax CUTS — if state tax collections fail to grow by at least three-and-a-half percent, year-to-year. Upmeyer suggests the same “triggers” could be applied to any cut in CORPORATE taxes.
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SENATE Republicans propose cutting the state’s corporate tax rate from 12 down to seven percent.