Iowa Senate GOP says plan would cut taxes by $1B annually

DES MOINES, Iowa (AP) - Iowa Senate Republicans have released a plan they say would cut more than $1 billion annually in taxes, though it's unclear how much support the measure has from other members of the party.

The proposal, released Wednesday in a bill, would cut Iowa's corporate tax rates, including reducing the top rate from 12 percent to 7 percent. Individual tax rates would also be cut, including reducing the top rate from 8.98 percent to 6.3 percent. The measure phases out some tax credits that have gradually increased in recent years.

A Senate subcommittee will discuss the bill Thursday. The measure faces several legislative votes.

GOP Gov. Kim Reynolds released a tax plan recently that would cut individual taxes but doesn't address corporate taxes or tax credits, in part because of revenue shortfalls. House Republicans have indicated they support at least some portions of Reynolds' proposal.