Iowa House Republicans voted yesterday to send Senate File 209 to Gov. Terry Branstad. The bill includes the Tax Relief Fund and additional tax relief in the form of bonus depreciation.

House Republicans say that small business owners and farmers will see more than $100 million in tax cuts through bonus depreciation, which allows a business to claim an enhanced or accelerated tax deduction for depreciation of the cost of new equipment. The Tax Relief Fund is designed to set aside any extra money collected by the state into a fund to be used for tax relief.

The bill also has passed in the Senate.