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Jan. 25, 2022Des Moines, Iowa |  By: AP

Iowa GOP lawmakers want to eliminate retirement income tax

retirement

DES MOINES, Iowa (AP) - Iowa House Republicans are proposing eliminating retirement income taxes in a move that would cost the state about $2 billion in revenue over the first six years.

Rep. Gary Mohr, chairman of the House Appropriations Committee, says Monday that the proposal is part of efforts to encourage retirees to remain in Iowa rather than move to other states such as Florida and Texas, which don't tax income.

State revenue experts estimated eliminating retiree benefits from income tax would cost the state about $2 billion in the first six years. Mohr said Iowa "could afford that right now." Iowa Gov. Kim Reynolds has a similar proposal.