Democratic lawmakers on Thursday unveiled a long-awaited tax-credit-reform package that they said would reduce Iowa's tax-credit liability by $115 million a year; Republicans and business leaders were quick to criticize the legislation and said it sends the wrong message.
"We have listened to the public's anger at abuses and we are responding with historic reforms," said Senator Joe Bolkcom (D-Iowa City), chair of the Senate Ways & Means Committee. "We are ending some tax credits, cutting many remaining credits, and dramatically increasing accountability for all tax-credit spending."
The unveiling of House Study Bill 738 came two weeks before the targeted March 26 adjournment of the legislature.