Mimicking federal tax reform will create similar economic activity in state, helping all Iowans
DES MOINES (May 5, 2018) – NFIB, the leading small-business association in Iowa and the nation, applauded state lawmakers for passing a tax plan that will help promote small-business growth and result in increased hiring and economic activity.
“Our research shows that tax reform at the federal level has created a surge of optimism for small-businesses which is leading to amazing economic growth, and over time Iowa will see similar benefits with this plan,” said NFIB’s State Director in Iowa, Matt Everson. “When small-business owners have less of a tax burden, it’s proven they invest that money back into their companies, creating new jobs and sending more tax dollars back to the state.”
“Along with lower income tax rates, the new expensing and deduction rules will also help small-business owners keep and invest more of their own money for expansion and higher wages for employees,” added Everson. “Iowa has become known as a high tax state, but this will gradually turn the tide. It will make our state a much more attractive place for a business to relocate or open. It sends a strong signal that Iowa is open for business.”
NFIB is grateful to Senate President Charles Schneider, Senate Majority Leader Jack Whitver, Speaker Linda Upmeyer, and House Majority Leader Chris Hagenow. We appreciate the efforts and leadership of Ways and Means Committee Chairs, Senator Randy Feenstra and Representative Guy Vander Linden, and all lawmakers who supported these tax cuts. We look forward to Gov. Kim Reynolds signing this tax package into law.