Iowa SSB1239 creates the taxpayer relief trust fund and income tax elimination fund to reduce individual income tax rates to zero.

Iowa SSB1239 creates the taxpayer relief trust fund and income tax elimination fund to reduce individual income tax rates to zero. The bill establishes the income tax elimination board to oversee the funds. Beginning July 1, 2025, $100 million is transferred from the taxpayer relief fund to the income tax elimination fund. On January 1, 2026, $2.6 billion is transferred from the taxpayer relief fund to the trust fund. The bill requires the board to adjust the individual income tax rate if certain conditions are met.

Iowa SSB1239 creates the taxpayer relief trust fund and income tax elimination fund to reduce individual income tax rates to zero.

Iowa SSB1239 creates the taxpayer relief trust fund and income tax elimination fund to reduce individual income tax rates to zero. The bill establishes the income tax elimination board to oversee the funds. Beginning July 1, 2025, $100 million is transferred from the taxpayer relief fund to the income tax elimination fund. On January 1, 2026, $2.6 billion is transferred from the taxpayer relief fund to the trust fund. The bill requires the board to adjust the individual income tax rate if certain conditions are met.