On Tuesday, Feb. 10, Rep. Joel Fry, R-Osceola, voted in favor of Senate File 126, a bill which updates Iowa tax code with tax changes made by the federal government last year, resulting in close to $100 million in tax cuts for Iowa small businesses and families.
The bill also includes tax deductions of: up to $250 for out-of-pocket expenses for teachers, tuition and fees deduction for higher education expenses, and deduction for mortgage insurance premiums.
“Small businesses are the backbone of our Iowa communities,” Fry said. “I’m pleased to support this bill and will continue to look for ways to return more money to the hardworking taxpayers of Iowa.”
The bill, which passed the Iowa Senate and House, marks the first bill of the session sent to the governor for his consideration.