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Iowa DOR and Governor Announce that Top Corporate Income Tax Rate Will Drop to 7.1% for TY 2024
Press Release, Iowa Dept. of Rev. (9/22/23); Order 2023-02, Certifying Iowa Corporate Income Tax Rates for 2024 under Iowa Code section 422.33(1)(b), Iowa Dept. of Rev. (9/22/23); Press Release, Iowa Office of the Governor (9/22/23). Pursuant to legislation enacted last year that permits certain Iowa corporate income tax rate reductions if specified revenue goals are met [see H.F. 2317 (2022), and State Tax Matters, Issue 2022-9, for more details on this legislation], the Iowa Department of Revenue announced new Iowa corporate income tax rates effective for tax years beginning on or after January 1, 2024, including a reduced top corporate income tax rate of 7.1%. Similarly, Iowa Governor Reynolds announced that Iowa’s top corporate income tax rate will drop to 7.1% from 8.4% for tax year (TY) 2024, “which was not projected to happen until later than TY 2027.” Please contact us with any questions.
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