Des Moines —
I support bills filed by Senate and House Republicans that would remove the cap on the Taxpayer Trust Fund and return these funds to the taxpayers who have made these overpayments.
Established in 2011 to prevent overspending, the Taxpayer Trust Fund captures and sets aside over-collection of taxpayer dollars. The amount of money transferred each year into the Trust Fund is determined by subtracting the adjusted revenue estimate for that year from the actual revenues received. The difference, up to $60 million, gets transferred into the Trust Fund for the following fiscal year.
The balance in the Trust Fund after two fiscal years is projected to be $120 million. If the proposed legislation to remove the cap passes, and transfers the ending balance into the fund, the projected balance in the Fund will grow to almost $800 million for FY 2014 instead of just $120 million. That is a significant amount of money Iowans can utilize in their family budgets.
Family budgets have been tight and with such a large ending balance in the state bank, we can provide this tax credit and should not delay! Now is the time to ease the tax burden on Iowans and help stimulate the state economy. I am committed to helping Iowans to keep more of their hard-earned money, and this is a good first step.
In contrast, Senate Democrats introduced legislation this week that would rob the Taxpayers Trust Fund in support of greater state spending. This fund should be protected and used for the sole purpose of returning taxpayer dollars back to the taxpayer.
I always look forward to hearing from you. Please feel free to contact me at firstname.lastname@example.org. You can also join me for a local forum in your county.
February 16 - 7:30 a.m. Jasper County Farm Bureau, Newton