Iowa Gov. Terry Branstad will sign a sweeping tax overhaul package into law on Wednesday.
Lawmakers recently passed in a bipartisan vote a tax relief package that one rating agency warned could strain local governments. Lawmakers passed small income tax credits, increased the earned income credit, and adopted a sweeping property tax reform package estimated to lower property taxes by $3.9 billion across the state over the next decade. The state would compensate local governments for an estimated $3 billion of the loss to their property tax coffers.