Under the Golden Dome, Too
Busy week in the House
This past week was a productive one in the House. In addition to passing numerous policy bills, we also began the process of passing this year's budget bills off the floor. As we continue to work toward adjournment, we will remain focused on passing a responsible budget with the taxpayers of Iowa in mind and returning more of your hard earned tax dollars to you.
Last week the House passed legislation that continues our focus on strengthening Iowa's middle class. HF 2452 would help Iowans interested in purchasing their first home, save money in order to do so. The bill establishes a new home buyers savings account program that will help first-time home buyers save money for a down payment and other costs related to buying a new home.
HF 2452 would allow first-time home buyers to set up a savings account in order to finance the purchase of a home and allows them to deduct a portion of that savings, $3000 per person or $6000 per married couple, from their state income taxes for up to 10 years.
If the funds are withdrawn from the account for any purpose besides the purchase of a home, the account holder is subject to a penalty.
By providing a pathway and incentive for saving, HF 2452 will increase home ownership in our state, reduce foreclosures, and increase financial security for Iowa families. The bill passed the House 95-0 and has been sent to the Senate for their consideration.
The House also passed a bill that increases the tax credit for volunteer firefighters and volunteer emergency medical services personnel. The tax credit was established by the legislature last year and currently equals $50. HF 2459 increases the credit to $100 and also includes reserve peace officers to those eligible for the credit. Our volunteer firefighters and EMS personnel bravely offer to serve and protect our communities. They volunteer their time and efforts to keep our friends and families safe around the clock, and for that, I am grateful. After passing the House 98-1, HF 2459 has been sent to the Senate for their consideration.
To learn more about qualifying for the existing Volunteer Firefighter/EMS tax credit, visit the Iowa Department of Revenue's informational page.
During the remaining weeks of the 2014 legislative session, you can be certain we will continue our commitment to passing policies that are in the best interests of Iowans and sticking to our core budgeting principles.
If you have any questions or feedback, please do not hesitate to contact me at email@example.com 515-281-4618. I look forward to hearing from you.