Iowa counties do important work. However, problems surface when counties with similar populations and services spend vastly different amounts of taxpayers’ money. Iowa’s 99 counties collect the third-largest portion of property taxes statewide, after cities and school districts — representing approximately 22 percent of the overall property tax burden. Counties have historically played a major role in the conduct of […]
Taxpayers who believe their assessments are incorrect have a window between April 2 and April 30 to officially protest them. All real property in Iowa is assessed beginning in January of odd-numbered years. Residential, commercial, and industrial properties are assessed according to their market values, while agricultural property is assessed according to its productivity and net earning capacity. Iowans may […]
It turns out that defining the proper role of local government, deciphering between wants and needs, and frustrated property taxpayers are not dynamics that are unique to Iowa. Our friends at
The Cardinal Institute in West Virginia are working through those same issues in their state. In a recent article, Cardinal’s Executive Director, Garrett Ballengee joined with Mark Moses, a former city finance administrator and local budget expert, to examine municipal finance and discuss the concept of mission creep.
Ohio passed a bill resulting in a 30 percent reduction of regulations by 2025 making Ohio’s businesses more competitive and spurring economic growth. Policymakers in Iowa should look to this as a model that further reform can be built upon.
Governor Kim Reynolds is prioritizing making Iowa’s economy more competitive. This year the Governor is focusing on reducing the regulatory burden in Iowa. In January, Governor Reynolds issued an executive order to begin to reform regulations in Iowa. In her Condition of the State address she said that the intent of the executive order is to “begin the process of lifting this dead weight from our economy over the next four years.” In advancing regulatory reform Iowa policymakers should consider Ohio’s successful efforts to eliminate burdensome regulations. Ohio serves as the gold standard for state regulatory reform.
Further protection for the taxpayer can be good policy, but lawmakers must ensure there are no unintended consequences along the way. The Iowa Legislature is considering a joint resolution that would establish protections for Iowa taxpayers in the state constitution. Senate Study Bill 1207 and House Study Bill 232 propose two amendments. The first would require two-thirds of both chambers […]
As Iowans wrapped up their New Year’s celebrations in January, they were greeted by a new tax code with lower income tax rates for families and businesses. With even more tax cuts scheduled, and a complete elimination being considered, Iowa’s lawmakers are steadily improving our state’s tax climate. When considering the top corporate income tax rate, Iowa has moved from the highest rate in the country (50th) at 12.00 percent in 2018, to a better, but still high rate of 8.40 percent (41st) in 2023. Similarly, Iowa’s individual income tax rate has moved from 8.98 percent (46th) in 2018, to 6.00 percent (33rd) this year.
Iowa’s future has never looked brighter. When crafting the budget, policymakers must remain focused on limiting spending so our state can continue on the path to prosperity. The March Revenue Estimating Conference (REC) recently confirmed that revenue projections continue to be strong, demonstrating the resilience of Iowa’s economy. The REC is responsible for estimating state revenue, which is challenging when […]
A Des Moines Register poll of Iowa adults conducted in early March found majorities favoring property tax cuts and gradual elimination of the state’s individual income tax. One question asked whether Iowans favor “cut[ting] property taxes, limiting what local governments could spend on services.”
Some counties may be holding on to more reserve funds than necessary. Why the numbers matter. During debate in the 2023 Iowa Legislature over a technical correction related to the taxable value of properties, the spotlight touched on the topic of reserve funds. The correction in question lowers the amount of taxable valuation counties and other local governments can draw from, and […]
Iowa is demonstrating financial resiliency on numerous measures, despite the uncertainty plaguing the broader American economy. The State Revenue Estimating Conference (REC) met on March 10, 2023 to evaluate the current (FY23) and the next two fiscal years (FY24 and FY25). Members on the REC mentioned that Iowa’s withholdings are starting to show impacts from the tax cuts, but Iowa continues to […]
CON laws have decreased competition in Iowa’s healthcare field, resulting in higher medical costs and reduced healthcare access. The news has recently been telling stories about Iowa nursing homes closing and rural hospitals at risk. Iowans are facing higher healthcare costs and fewer options, and one reason is an extremely burdensome regulation called Certificate of Need, or CON. Healthcare providers […]
Whether it is the passage of a universal ESA or the largest tax reform in Iowa’s history, Governor Kim Reynolds and the Iowa Legislature have made some big changes that have made Iowa a great place to live, work, and raise a family. Two years ago, no state gave all parents money to help educate their children.
By cutting taxes and state spending, Governor Kim Reynolds has put the state on the path to a robust economy.
Iowa’s fiscal foundation remains strong despite national economic uncertainty because of the state’s fiscal conservatism and prudent budgeting.
Governor Kim Reynolds has made Iowa a leader in conservative fiscal policy. This approach has already left more money in taxpayers’ pockets, and set the state on course to implement a low, flat income tax by 2026.
Retirees provide countless hours of volunteer service and contribute to the culture of Iowa. Eliminating their retirement income taxes will encourage them to remain in the state. Last year, the Iowa Legislature passed an historic tax reform measure covering a variety of income sources. This legislation was not only the largest tax cut in Iowa history, but also the most […]
While taxpayers have a choice whether to stay home or dine out and support area businesses, they should not be forced to pay for a commercial developer’s business loan. This type of tax increase should go to a vote of the people. Do Iowans want to pay supercharged sales taxes when they go out to eat? Will they be excited […]
Iowa’s Administrative Code contains over 20,000 pages and 190,000 restrictive terms. Utilizing the three pillars of regulatory reform to re-shape Iowa’s regulatory system is a way to propel our state ahead. We all remember our civics and social studies classes that taught us about government, don’t we? We learned the separation of powers between the three branches of government- Legislative, […]
With two-thirds of the fiscal year behind us, the state is continuing to outperform last year. Iowa’s revenue report for February has been released and the data revealed net General Fund revenue for the month was $35.9 million (5.7%) above the February 2022 net revenue level. When broken down by the three largest sources (personal income tax, sales/use tax, and corporate income […]
While some proposals want to fund more spending, a bill has been introduced in the Senate to utilize the Taxpayer Relief Fund to phase-out the income tax altogether. “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax,” the late economist Milton Friedman once stated. Paying out public dollars is the […]