41.6 F
Monday, July 26, 2021

    Gov. Reynolds signs tax cuts, mental health funding into law   

    Kim Reynoldshttps://governor.iowa.gov/about-the-governor
    As Iowa’s 43rd Governor, Kim Reynolds is determined to make sure that Iowa’s success is every Iowan’s success. Whether it’s preparing Iowans for cutting-edge careers, fighting for education, improving healthcare and mental health access, or empowering our rural communities, Kim’s priorities are making a difference in all four corners of the state. Her vision keeps Iowans at the center of all decisions, especially in the area of fiscal responsibility. Kim knows that when Iowa taxpayers are able to keep more of their money, great things happen. She also believes in redemption. Kim’s justice reform initiatives carefully balance second chances with victim rights. As Governor, Kim’s strong voice for international trade, agriculture, and advanced manufacturing is opening new markets and maintaining relationships with leaders in China, Mexico, Canada, Israel, Thailand, Vietnam, the Philippines, Germany, Brazil and Argentina, to name just a few. Although she’s traveled the world telling Iowa’s story, Kim is still a small-town girl at heart with common-sense values. These principles are reflected in the Governor’s Empower Rural Iowa initiative and Future Ready Iowa. At age 57, Kim earned a bachelor’s degree from Iowa State University. Then, nearly two years later, on Nov. 4, 2018, she was elected by Iowans to become their first woman Governor. Family means everything to Kim and her husband, Kevin. They have three daughters (Jennifer, Nicole and Jessica) who are happily married, and Kim and Kevin love spending time with their 10 very active grandchildren.

    Muscatine Living

    This content provided by the Office of the Governor of Iowa, Kim Reynolds as a press release.

    DES MOINES – Today, Gov. Reynolds signed SF 619 into law, legislation that cuts taxes and invests significantly in mental health as well as foundational priorities like child care and housing. This legislation was a compromise brokered by Governor Reynolds with the Iowa House and Senate to wrap up the 2021 Legislative Session.   

    “In Iowa we are cutting taxes and helping Iowans keep more of their hard earned money. Not only does this legislation reduce income and property taxes, it completely phases out the state’s inheritance tax,” said Gov. Reynolds. “With this legislation, we also provide steady and reliable funding for our state’s mental health system while making significant investments in housing, workforce, and child care.”  

    SF 619 provides significant tax relief to hardworking Iowans:   

    • SF 619 drops tax rate from 8.53% to 6.5%  
      • Reduces the number of tax brackets from 9 to 4  
      • Eliminates Federal Deductibility  
    • Phases out the mental health levy over 2 years, saving property taxpayers over $100 million 
    • Phases out state inheritance tax over 4 years, saving taxpayers nearly $100 million   
    • Expands eligibility for the Beginning Farmers Tax Credit   
    • Food Bank sales tax exemption  

    SF 619 invests in mental health and foundational priorities like child care and housing:  

    • Dedicated, sustainable mental health funding from Iowa’s General Fund
      • Includes a growth factor that allocates new money as revenue increases  
    • Increases eligibility for the Child Care Tax Credits from families making $45k – $90k   
    • Increases workforce housing tax credits to $40 million for FY22 ($35 million for years following)   
    • Extends Brownfield/Grayfield and increases funding from $10 million to $15 million  
    • Develops a Manufacturing 4.0 strategic roadmap for the future of manufacturing in the state of Iowa 

    “Today’s legislation ushers in a new era of growth and opportunity in Iowa,” said Gov. Reynolds. “But we are not done yet. Next year, I’ll be proposing additional income tax cuts as we continue to make Iowa the most attractive place in America to open a business, raise a family, and start a career.”   

    Gov. Reynolds was joined by Majority Leader Whitver, Senator Dawson, Senator Costello, Senator Edler, Rep. Hite, Rep. Fry, Rep. Lundgren, Rep. Meyer. They were also joined by the Iowa Association of Business and Industry, Iowa Business Council, Iowa Housing Partnership, NFIB, Iowa Farm Bureau, Iowa Hospital Assoc., Iowa Bankers Assoc., Iowa Chamber Alliance, Iowans for Tax Relief, Iowa Taxpayers Association, Iowa Food Bank Assoc., and Americans for Prosperity.  


    This content provided by the Office of the Governor of Iowa, Kim Reynolds as a press release.

    Latest News

    Iowa DNR Education Grant awarded for Fairport Fish Hatchery

    MUSCATINE, Iowa – The Friends of the Fairport Fish Hatchery have been awarded a $47,368 REAP-CEP grant from the...

    Get Discover Muscatine in Your Inbox

    More Articles Like This