Senator Kibbie Helps Pass Job Creation Tax Cut
DES MOINES State Senator Jack Kibbie of Emmetsburg approved a job creation tax cut which will benefit 240,000 Iowa families, create economic activity in every Iowa community, and encourage immediate business investment in Iowa.
“I voted for the Jobs Creation Tax Cut to help working families and encourage investment in Iowa businesses,” said Kibbie. “This is the first of several job creation and economic development measures I’m helping move through the Senate.
Under the legislation Kibbie helped pass, every community in Iowa will receive an immediate and on-going boost to their local economy when the Earned Income Tax Credit is increased. That will put more money in the pockets of more than 240,000 working Iowa families with incomes less than $45,000.
“This tax credit helps working families earning low wages make ends meet so they can pay for everyday bills like child care, groceries, doctor bills and home heating bills,” Kibbie said. “These dollars will be spent in communities across Iowa and encourage job growth.”
The legislation allows Iowa small businesses and other businesses to deduct the entire cost of autos, machinery, property and other big ticket items purchased in Iowa immediately from their taxes instead of depreciating them over time. It will create an additional immediate boost to the Iowa economy of more than 50 million dollars next year alone.
It also restores cuts to Iowa’s community colleges.
“At a time when Iowans are looking to improve their skills and Iowa businesses can’t find workers with specific expertise, we certainly need to fully fund community colleges,” said Kibbie.
The Job Creation Tax Cut is one of four major economic growth proposals on track to passage:
The Iowa Small Business Package: A tax credit to lower employee health insurance costs, easier access to credit, and less red tape. In addition, more help for communities revitalizing run down business districts.
Filling Skilled Job Shortages with Iowans: This effort takes a proven community college pilot program statewide. It helps struggling workers earn certificates and fill local shortages of skilled workers
Small Solar, Small Wind: The initiative provides a consumer rebate for homes and businesses investing in renewable energy will help jumpstart a new industry in Iowa. This new industry means jobs for local electricians, plumbers, heating and cooling contractors and other small businesses.