Iowa Small Businesses Need State Tax Plan that Encourages Expansion and Growth

Date: April 12, 2018

Reduced rates, simplification, conformity with federal tax code would energize economy

DES MOINES (April 12, 2018) – The Iowa state House and Senate have released two different state tax proposals today, and the leading association for small business in the state, weighed in. The National Federation of Independent Business (NFIB) Iowa, hopes that a final plan reduces the tax burden on the more than two hundred thousand small businesses in the state, which would allow those companies to grow and prosper.

“Small-business owners face many obstacles, and having less of a tax burden is critical to their success,” said Iowa State Director of NFIB, Matt Everson. “If these entrepreneurs and family businesses have more of their own money, they will expand, increase wages, purchase new equipment and every Iowan will benefit, along with the state’s economy.”

“Federal tax reform has been so successful nationwide that NFIB surveys show small-business optimism is at an all-time high, companies are making purchases and expanding, and they are hiring people at higher wages,” added Everson. “If nothing on tax reform is done at the State Capitol this year, Iowa small-businesses will face a tax increase. The time to significantly reduce income tax rates and couple with important pro small-business deductions, like section 199A (QBI) is now.”

Some NFIB IA members have written state lawmakers since learning about the new proposals, expressing disappointment that the house plan currently does not go far enough for their businesses to see real relief but enthuised by the Senates new proposal.

“At the end of the day, we hope the Senate and House can come together and do what is right for Iowa, to pass a plan that will result in true tax relief and reform for small-businesses, their employees and their families.”

For more information contact:

Matt Everson, NFIB Iowa State Director

[email protected]

C- 202-527-2021

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