Why Iowa’s $1.91B surplus is cutting corporate taxes but not your income tax — yet – By Ian Richardson (Des Moines Register) / Sept 28, 2022
Iowa’s largest corporations will feel the first effects next year of a sweeping tax cut package Gov. Kim Reynolds signed in March.
The exact impact became clear Tuesday as the state reported an overall budget surplus of $1.91 billion for the previous year — up from $1.24 billion the year before.
Reynolds’ office said that the state’s top corporate tax rate is now set to drop from 9.8% to 8.4% after the state took in significantly more corporate tax revenue than expected last fiscal year.
The new law reduces corporate tax rates depending on how much revenue the state takes in the previous year.
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