Iowa’s fiscally responsible approach to the state budget is also putting money back into the pockets of Iowans through a tax credit for all who have a state income tax liability starting this year.
The Iowa Taxpayer Trust Fund was created in 2013 to return some of the state’s surplus to those who likely contributed to the surplus in the previous tax year. The Taxpayer Trust Fund provides a nonrefundable individual income tax credit that is applied to your net state income tax liability after accounting for all other tax credits.
It’s good to see Iowans are taking advantage of it. Statewide, around three-fourths of taxpayers (74.3 percent of households or 75.0 percent of eligible individuals) were able to claim the tax credit on their income tax returns for 2013.
Read more about the first year of the Taxpayer Trust Fund initiative at www.tax.iowa.gov/sites/files/idr/PrelimTY13taxCreditReport.pdf.