DES MOINES, Iowa (AP) — A Republican-led Iowa Senate panel has given preliminary approval to a bill that would make sweeping changes to the state's tax system.

Republicans in a five-member Senate subcommittee agreed Thursday morning to sign off on the legislation, which GOP lawmakers say would cut more than $1 billion annually in taxes. A tax writing committee is expected to approve the bill in the afternoon, a little over 24 hours after it was first made public.

A key Senate Republican says the bill could have a full vote in the chamber next week.

The legislation would reduce corporate and individual income taxes and phase out some tax credits. There are multiple other provisions in the roughly 130-page bill.

GOP Gov. Kim Reynolds has introduced her own tax plan that she says would cut $1.7 billion in taxes over several years. Her plan doesn't cut corporate tax rates.