Gov. Terry Branstad said he respects the various tax-cut ideas “being floated” at the Statehouse, but told reporters income tax reductions may have to wait a year while the legislature addresses property tax relief and reform this session. Legislature Republicans last week proposed returning the taxpayer overpayment that has piled to an $800-plus million surplus to Iowans via a state income tax credit that would total $750 per household or $375 for individual filers. The five-term GOP governor said he is open to considering other proposals once lawmakers finish work on multi-year initiatives to cut commercial property tax rates, cap the growth in ag and residential property taxes and provide meaningful education reforms that boost student achievement.