Iowa House GOP backs plan to rebate taxes
January 16, 2013 15:59 CST
DES MOINES, Iowa (AP) -- House Republicans are proposing to divert money into a fund that would be returned to Iowa taxpayers.
Most Republicans signed onto measures assigned Wednesday to the Ways and Means Committee. The proposals would increase government allocations to a so-called Taxpayer Trust Fund.
State law now requires 10 percent of a budget surplus to go toward cash reserve and emergency funds.
The new proposal would direct any additional money into the trust fund, which could be credited back to taxpayers.
House Speaker Kraig Paulsen says the measures show that Republicans want any "overpayment of tax dollars" to be returned to residents.
The measures could pass the House, where Republicans hold a majority, but likely would face problems in the Senate, controlled by Democrats.
Source: http://www.kgan.com/template/inews_wire/wires.regional.ia/32e88fad-www.kgan.com.shtml
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