(Radio Iowa) – Congressman Randy Feenstra says by this time next month the outline of a massive bill that includes extending current tax cuts should be developed. “I’ll tell you what, I’m deep in the weeds on this. I sit on Ways and Means and that’s where the bill derives from,” Feenstra says. “…The plan is to have the first idea of what the bill is going to look like by mid-February, get a vote in the House mid-March and then it’ll go over to the Senate and we want this bill to be passed by Memorial Day.”

Feenstra, a Republican from Hull, has served on the Ways and Means Committee since he became a member of the U-S House in 2021. President Trump said he wants a “big, beautiful bill” that will be the largest, most far reaching piece of legislation ever passed by congress. Feenstra says beyond taxing and spending, the bill will include both repeal of bureaucratic red tape as well as new government rules regulations aimed at energy independence. “It will have the extension of the Tax Cuts and Jobs Act of 2017,” Feenstra says, “and it will also have a lot of dollars in it for building a beautiful wall and for our border agents that will need it and for ICE.” Feenstra says a key part of the package will be exemptions to the federal estate tax of between 18 and 41 percent that’s charged on inherited cash and property worth over 13-point-six MILLION dollars.

Iowa Congressman Randy Feenstra (R-Hull) (official photo)

“We’re hoping that it will be an exemption of $14 to $20 million, somewhere thereabouts, an exemption of not paying that 41%, which is so significant,” Feenstra says. “We spend $31 billion as a country to try to circumvent this ‘death tax’ through trusts and other things.” Iowa is now one of 38 states that do not have an state tax. The STATE of Iowa’s estate tax was repealed on January 1st of this year.