1. Tax Reform
Waiting on joint budget targets to move forward
:Tax Reform-- OPPOSE, Passed out of Senate on a 29-21 vote
· Would increase taxes on Credit Union but cuts $1.2 billion in taxes over 5 years
: Governor's Tax Bill-- UNDECIDED
· Does NOT increase taxes for Credit Unions but cuts $1.7 billion in taxes over 6 years
· Total State budget is ~$7 billion
2. Telephone Property Tax:
· Passed out of Senate on 39 to 8 vote with amendment S5189: would delay portions of implementation by 3 years
· Would change property tax structure for telephone companies from an outdated unit valuation to an assessment mechanism that is neutral, competitive, simple & consistent
· Signed into law by the Governor on Wednesday, March 28th
· CUTS: Regents ($10.933million/MM); Community Colleges ($500,000); Judicial Branch ($1.6MM); DHS ($4.32MM); DOC $3.4MM; DOE ($784,000); DPH ($625,000).
· Includes $10MM transfer from the Skilled Worker fund to the General Fund
4. Relating to Water Quality:
· Passed out of committee
· Strikes a requirement for drainage districts to use edge-of-field infrastructure
The Iowa Finance Authority (IFA) Director, David Jamison, was fired at the end of last week by Governor Reynolds. Ron Corbett was 8 signatures short of the 4,005 needed to run in the Republican gubernatorial primary against Gov. Reynolds.
Senate 25 race is on. Annette Sweeney (R) will face Tracy Freese (D) in the special election on April 10th. The winner will serve until the next General Assembly in 2019.