TAX CREDITS: Plan Approved By Subcommittee

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Legislation that would put money back in your pocket has taken a step forward at the Iowa Statehouse.

A House subcommittee passed House File 1, by a vote of 3 to 2 along party lines Wednesday morning.

The Republican-backed bill would return an estimated $790 million budget surplus to taxpayers.

The bill would turn the surplus into tax credits that Iowa income tax payers could claim while filing next year. The amount each person would be eligible for would vary, but would be no more than $369.

The bill now goes to the full committee.