Taylor: House GOP Working to Return Tax Money to Taxpayers

Weekly Newsletter from State Rep. Rob Taylor

Leading the Charge to Return Tax Dollars

House Republicans wasted little time in getting to work on behalf of Iowa taxpayers. The first week of the 2013 session, Republicans filed three bills directly aimed at sending tax dollars back to the pockets of Iowa taxpayers. 

In 2011, House Republicans created the Taxpayers Trust Fundm which gathers a portion of the ending balance and sets it aside to be returned to taxpayers. The Taxpayer Trust Fund received $60 million from the Fiscal Year 2012 ending balance and should receive another $60 million after Fiscal Year 2013. 

House File 1 - Removes the current cap on the Taxpayers Trust Fund and allows the entire $800 million ending balance to be transferred to the fund. Additionally, it provides for an Iowa Taxpayers Trust Fund tax credit, taking the overpayment of taxes and sending it back to Iowans. 

Over the past two years Republicans have worked tirelessly to restore fiscal discipline in the state budget. Our budgets are balanced and are properly funding the priorities of Iowans. The success of responsible budgeting combined with the improving Iowa economy has resulted in excess revenue. That revenue exceeds what the state needs to operate, which makes it an overpayment by the taxpayers of Iowa. While some can’t wait to use this money to grow government, the proper place for these dollars is in the pockets of Iowans.

House File 2 - Provides property tax relief to all property classes by increasing the state aid portion of the school foundation formula from 87.5% to 100% percent over a five-year period. This legislation is designed to save $410 million in property taxes. 

House File 3 - Gives Iowans an option when paying their income taxes to either continue with the current system or pay a 4.5% flat tax with zero deductions. 

Education Appropriations Investing in Education

The Education Appropriations Subcommittee hit the ground running during its first meeting of the 2013 session. The joint committee is currently reviewing every line of the Governor’s recommendations for the Fiscal Year 2014. Republicans are hopeful that comprehensive educational reform will move forward while maintaining fiscal responsibility.

It is an honor to serve the constituents of House District 44 and the people of Iowa. Please feel free to contact me at any time.

Representative Rob Taylor

House District 44

(515) 240-7019

Rob.taylor@legis.iowa.gov