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Monday, January 28, 2008

Iowa Insider: Don't spend all of your tax rebate yet

Excerpted from this post at Iowa Insider

If you are already making plans for the federal tax rebate, you might
want to consider that the state of Iowa could have its hand out to
take a chunk. The federal rebates would still be subject to Iowa's
income tax unless state lawmakers and Gov. Chet Culver decide to
exempt them. That's what lawmakers did the last time federal tax
rebates were issued in 2001. Renee Mulvey, spokeswoman for the Iowa
Department of Revenue, said the tax rate would vary depending on
several factors, with a top rate of 8.98 percent. Iowa House Minority
Leader Christopher Rants, R-Sioux City, said Republicans are drafting
legislation to ensure Iowans won't end up paying a state tax on their
rebates.

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