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TAX RETURNS: Republicans Push For Surplus Fund

Posted on: 8:05 pm, January 16, 2013, by

Generic State Budget

Republicans in the Iowa House of Representatives have proposed a plan to return excess funds to taxpayers.

State law currently requires 10 percent of any budget surplus to be put into cash reserves and emergency funds.  The new measure calls for an increase in the allocation to the Taxpayer Trust Fund, which means any additional budget surplus would be put into a fund to be credited back to taxpayers.

The measure is expected to pass in the Republican controlled House, but face some trouble in the Senate.

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