Tax Credit Review Committee to Meet Next Week

The Joint Tax Credit Review Committee will meet next Wednesday, Oct. 30 at the Capitol to begin a review of Iowa’s tax credits. The committee was established in the 2018 comprehensive tax reform bill. The legislation required legislative leaders in both chambers and parties to appoint members to a committee.

The committee, as stated in the legislation, is "to evaluate tax credits available under Iowa law, including Iowa’s utilization of tax credits as a tool for promoting and supporting economic growth and development. The study committee shall also consider new or different tax credits or incentive programs, or tax rate or structure changes, that will foster economic growth and improve Iowa’s overall tax and economic development climate. The study committee shall make recommendations the committee believes will improve predictability for the state’s budget, improve accountability to the taxpayers of Iowa, maximize flexibility in utilization, and place Iowa in the best position for attracting and retaining workers and businesses in the future. In developing recommendations, the study committee shall place significant emphasis on directing tax credits, incentive programs, or tax rate or structure changes toward Iowa workers and programs to strengthen Iowa’s workforce by incentivizing efforts to expand Iowans’ skills and capabilities in high-demand career fields.”

ABI plans to attend this meeting and provide a summary to the ABI Tax Committee and an abbreviated version in the full newsletter. If you would like to be added to the tax committee, please contact Michelle Vollstedt.