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Overview / Major Events
The first week post-funnel #1 has been dominated by floor work in the House and Senate as policy committees take a break and bills are debated and sent to their opposite Chambers. Most current work involves legislation that is not controversial or has a high level of consensus amongst the members. That said, next week expect debate on more controversial subjects such as the energy omnibus bill (SF 2311) and workers’ comp fraud (SF 2305), which do not have House companion legislation and will need to clear a House committee prior to March 16 to remain eligible.
The biggest news of the week arrived with the release of the Senate Republicans’ tax reform package—the most significant overhaul of the tax code proposed in more than three decades.
Senate Republicans Propose Sweeping Tax Reform and Relief
On Wednesday, Senate Republicans introduced SSB 3197, a sweeping and comprehensive reform of Iowa’s state income tax code (both personal and corporate). The bill was quickly fast-tracked through subcommittee and full Senate Ways and Means Committee on Thursday and will be eligible for full Senate consideration next week.
Here are the major components of the legislation:
According to calculations provided by Senate Republican research staff, here are some examples of the kind of tax relief that will occur:
Thus, we currently have tax reform plans from Governor Reynolds and Senate Republicans. It is not yet clear how House Republicans intend to approach this issue.
Interesting Legislation from Week 7
Here are four of the more interesting bills that cleared either the House or Senate this week:
Efforts on Behalf of Community Bankers of Iowa: