Tuesday, February 14, 2012

State Senate Votes to Raise EITC for the Poor

A tax cut for Iowa's poor passed the state senate today. The Des Moines Register reports it would double the amount of the state's Earned Income Tax Credit Program. The credit would go from $379 a year for a married couple with three children making about $43,000 a year, to $735 for the same couple for the current calendar year. Gov. Branstad vetoed the bill twice last year, unhappy with lack of progress on his plans to lower industrial and commercial property tax rates.

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