Iowa Gov. Reynolds Announces Drop in Corporate Tax Rate, Second Year in a Row
September 23, 2023
September 23, 2023
DES MOINES, Iowa, Sept. 23 -- Gov. Kim Reynolds, R-Iowa, issued the following news release on Sept. 22, 2023:
Today, Governor Reynolds announced that Iowa's corporate tax rate will drop to 7.1 percent from 8.4 percent for tax year (TY) 2024, which was not projected to happen until later than TY 2027.
The Governor's 2022 tax bill, HF2317, includes the formula to reduce the corporate tax rate when net corporate income tax receipts exceed $700 million. For fiscal . . .
Today, Governor Reynolds announced that Iowa's corporate tax rate will drop to 7.1 percent from 8.4 percent for tax year (TY) 2024, which was not projected to happen until later than TY 2027.
The Governor's 2022 tax bill, HF2317, includes the formula to reduce the corporate tax rate when net corporate income tax receipts exceed $700 million. For fiscal . . .