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The new law will give Iowa the sixth-lowest income tax rate in the country among states that impose an income tax. Nine states have no income tax. Iowa's income tax rate is dropping to 3.8%.
April 29, 2024 at 4:04 AM. ... Specifically, they approved legislation that accelerates the 2022 tax package and builds upon it, giving Iowa a flat income tax rate of 3.8% in 2025.
The tax deal released this week does not go as far as Reynolds' proposal in January, when she called for lowering the rate to 3.65% for 2024 and 3.5% in 2025 and beyond.
April 10, 2024 at 6:24 PM. ... Gov. Kim Reynolds signed a law in 2022 that will take Iowa to a flat income tax rate of 3.9% by 2026. The state's top rate this year is 5.7% and will drop to 4.82% ...
Here are some ways your taxes may change in 2025 and beyond. Tax benefits for small businesses. The TCJA lowered the corporate tax rate for businesses to a flat 21 percent, from a graduated system ...
Gov. Kim Reynolds signed a law in 2022 that will take Iowa to a flat income tax rate of 3.9% by 2026. The law is still in the process of phasing in. The law is still in the process of phasing in.
The federal tax collector’s Direct File program, which allows taxpayers to calculate and submit their returns to the government directly without using commercial tax preparation software, will be available to taxpayers in 25 states starting Jan. 27, up from 12 states that were part of last year's pilot program.
Reynolds signed it into law on April 10. In Iowa and across the ... instituting a 3.8% flat income tax rate beginning next year. ... so both resolutions would have to pass again in 2025 or 2026 to ...