Governor Reynolds announced today that Iowa’s corporate tax rate will drop to 7.1 percent from 8.4 percent for tax year 2024. That was not projected to happen until later than TY 2027.
The Governor’s 2022 tax bill includes the formula to reduce the corporate tax rate when net corporate income tax receipts exceed $700 million. For fiscal year 2023, net tax receipts exceeded $838 million, triggering a drop of 15.5 percent in the top corporate tax rate.
The impass over the budget continues on Capital Hill. Iowa Congressman Zach Nunn says he’s stayed in Washington to work with anyone to end the federal spending stalemate. The Republican from Bondurant tells Radio Iowa he’s frustrated with fellow House Republicans who he says are holding up the process.
Nunn says he would like to see a return to 2019 federal spending levels, adding that Democrats, who hold a majority of seats in the U.S. Senate, need to start being part of the solution so a government shutdown can be avoided.
Iowa Congresswoman Ashley Hinson says the Farm Bill negotiations should not be impacted if budget details can’t be worked out in time avoid a government shutdown. Hinson says she believes lawmakers will be able to move forward with a farm bill.
The Republican from Marion says she would like to passed the most conservative spending bill possible. She says it is unlikely the farm bill is going to get completed before the deadline at the end of September, and they will continue to work on the bill after the expiration date.
The state Board of Regents is set to request an increase of just under $15 million in general education funds for the next fiscal year. Register. That is less than half of what board requested asked for ― but didn't receive ― this fiscal year.
The 3% increase in general university funding for the state’s three public universities would equal $14.8 million for fiscal year 2025, according to regent documents.
The University of Iowa and Iowa State University would each receive $4.5 million. The University of Northern Iowa would receive the remaining $5.8 million
State officials say they are repairing an electric fish barrier in Lost Island Lake near Ruthven in northwest Iowa.
Mike Hawkins is a fisheries biologist with the Iowa Department of Natural Resources. He says the barrier targets the carp because that fish is considered a nuisance. Hawkins says carp can be especially problematic in shallower lakes.
Lost Island Lake is just 16 feet deep. Hawkins says carp destroy native aquatic plants and increase the sediment in the lake by rooting around the bottom.
