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Wednesday, March 26, 2008                                                 

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Rep. Tyler Olson, 515-281-3221

STATE TAX BREAK FOR REBATES BECOMES LAW; NEW SIGNS POINT TO STRONG IOWA ECONOMY

Des Moines, Iowa – Iowa Governor Chet Culver today signed a bill to exempt the federal tax rebate checks from Iowa income taxes. It is estimated that the rebate checks, mailed starting in May, will total about $1 billion.

“With the Governor’s approval today, Iowans will get $67 million in income tax reductions.  The rebate checks will help Iowans cope with rising health care costs and record high gas prices.  I’m proud we are working together to help middle class families here in Iowa,” said State Representative Tyler Olson, D-Cedar Rapids.  

Olson also noted that Iowa’s economy continues to remain strong, despite national trends.  Iowa’s jobless rate in February fell for the second consecutive month to 3.5 percent.  Governor Culver also announced today that Iowa’s personal income growth surged six percent last year, from $33,038 to $35,023.  It was the ninth highest growth in the nation and 2^nd in the Midwest.

“Our focus on renewable energy, helping small businesses with health insurance costs, and raising the minimum wage helped keep Iowa’s economy strong.  We will continue to focus our efforts on creating good-paying jobs for Iowans,” said Olson.

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