Iowa taxpayers received a win Wednesday in the Iowa Senate. The Senate unanimously passed the coupling bill, which updates Iowa tax law to conform to changes in the Internal Revenue Code passed the prior year by federal lawmakers.
This bill does not garner the headlines like education funding or social issues, but make no mistake, it is important to hard-working Iowans. By coupling with federal income tax laws, Iowa taxpayers could save nearly $99 million on their 2014 income taxes. This is a positive for taxpayers and the state.
Going into this legislative session, significant conversations were held regarding the challenges the legislature faced in a tight budget year. Those talks persist as the budget woes have now been realized. This is why passage of the coupling bill is noteworthy; it may be one of the few initiatives passed this session that helps Iowans see a monetary benefit when it comes to taxes.
The $99 million would go back into the pockets of hard-working Iowans to be spent how they choose. This is a win for Iowa taxpayers and a win for the state as that money is reinvested and helps grow our economy.