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(Des Moines, IA) -- Iowa House and Senate Republicans have reached a budget agreement for the upcoming fiscal year, totaling more than $9.4 billion in spending. This marks an increase of $478 million, or 5 percent, compared to the previous fiscal year.
In a related development, a Senate committee has approved a property tax reform bill. The proposal would cap property tax increases at 2 percent, except during periods of high inflation, and would gradually phase out the rollback - a discount that reduces taxable property values.
Lawmakers are expected to vote on both the budget blueprint and the property tax reform package when they return for the overtime legislative session next week.