{"id":40557,"date":"2023-09-28T14:24:58","date_gmt":"2023-09-28T19:24:58","guid":{"rendered":"https:\/\/itrfoundation.org\/?p=40557"},"modified":"2023-09-28T14:25:03","modified_gmt":"2023-09-28T19:25:03","slug":"iowa-will-have-a-lower-corporate-tax-rate-in-2024","status":"publish","type":"post","link":"https:\/\/itrfoundation.org\/iowa-will-have-a-lower-corporate-tax-rate-in-2024\/","title":{"rendered":"Iowa Will Have a Lower Corporate Tax Rate in 2024"},"content":{"rendered":"\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-08ab45b\" data-block-id=\"08ab45b\"><style>.stk-08ab45b{height:20px !important}<\/style><\/div>\n\n\n\n<p><strong><em>Iowa\u2019s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment.<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-0fa5a02\" data-block-id=\"0fa5a02\"><style>.stk-0fa5a02{height:35px !important}<\/style><\/div>\n\n\n\n<p>When Iowa\u2019s corporate income tax was 12 percent, it was one of the highest in the nation. Starting on January 1, 2024, the top tax rate applied to corporations\u2019 income will be lowered from its current 8.4 percent, which is still <a href=\"https:\/\/taxfoundation.org\/data\/all\/state\/state-corporate-income-tax-rates-brackets-2023\/\">tenth-highest<\/a>, to 7.1 percent.<\/p>\n\n\n\n<p>Opponents attempt to cast lowering the corporate tax in a negative light, claiming it only benefits large corporations. To the contrary, the cost of high corporate tax rates is passed on to consumers, whereas the lower corporate tax rate will make Iowa more economically competitive, benefiting all taxpayers.<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-e33d0fa\" data-block-id=\"e33d0fa\"><style>.stk-e33d0fa{height:15px !important}<\/style><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-1024x1000.png\" alt=\"\" class=\"wp-image-40565\" style=\"width:700px\" width=\"700\" srcset=\"https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-1024x1000.png 1024w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-500x488.png 500w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-768x750.png 768w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-1536x1500.png 1536w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate-45x45.png 45w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/Corporate.png 1987w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-50729cb\" data-block-id=\"50729cb\"><style>.stk-50729cb{height:15px !important}<\/style><\/div>\n\n\n\n<p class=\"has-text-align-center\"><em>Source: <a href=\"https:\/\/taxfoundation.org\/data\/all\/state\/state-corporate-income-tax-rates-brackets-2023\/\">Tax Foundation<\/a><\/em><\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-e81e9e6\" data-block-id=\"e81e9e6\"><style>.stk-e81e9e6{height:15px !important}<\/style><\/div>\n\n\n\n<p>Reduction of the corporate income tax rate has been part of Governor Kim Reynolds\u2019s pro-growth reform agenda since 2018. Among other changes, Iowa\u2019s historic 2022 tax reform law will begin to ratchet down the corporate tax rate to maintain a revenue target of $700 million per year. The ratchet will continue until Iowa reaches a single, flat corporate tax rate of 5.5 percent. <\/p>\n\n\n\n<p>With corporate tax revenue <a href=\"https:\/\/governor.iowa.gov\/press-release\/2023-09-22\/governor-reynolds-announces-drop-corporate-tax-rate-second-year-row\">exceeding<\/a> $838 million in fiscal year 2023, the top rate will drop by a 15.5 percent increment.<\/p>\n\n\n\n<p>Effective for tax years beginning on or after January 1, 2024, the corporate income tax rates are as follows:<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-1e758af\" data-block-id=\"1e758af\"><style>.stk-1e758af{height:15px !important}<\/style><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--1024x608.png\" alt=\"\" class=\"wp-image-40562\" style=\"width:500px\" width=\"500\" srcset=\"https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--1024x608.png 1024w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--500x297.png 500w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--768x456.png 768w, https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates-.png 1040w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-f14d781\" data-block-id=\"f14d781\"><style>.stk-f14d781{height:15px !important}<\/style><\/div>\n\n\n\n<p class=\"has-text-align-center\"><em>Source: <a href=\"https:\/\/tax.iowa.gov\/iowa-corporate-income-tax-rates?utm_medium=email&amp;utm_source=govdelivery\">Iowa Department of Revenue<\/a><\/em><\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-c5048b0\" data-block-id=\"c5048b0\"><style>.stk-c5048b0{height:15px !important}<\/style><\/div>\n\n\n\n<p>Earlier projections did not anticipate the reform\u2019s reaching this level until fiscal year 2027, but Iowa\u2019s strong economy has accelerated progress. This rapid improvement results directly from the fiscally conservative policies of Governor Reynolds and the legislature. Conservative budgeting and prudent spending have, in turn, enabled pro-growth income tax rate reductions. Under current estimates, Iowa will achieve the 5.5 percent flat rate by fiscal year 2026, which is also when a 3.9 percent flat individual income tax will be fully implemented.<\/p>\n\n\n\n<p>This virtuous ratchet works because income taxes punish growth, productivity, and investment, affecting the decisions and behavior of both businesses and individuals. High tax rates discourage work and investment and can trigger mass exodus of people and businesses from states that refuse to reform.<\/p>\n\n\n\n<p>Naturally, the public tends to focus on individual income and property taxes, rather than corporate taxes, because people can see by their paychecks and property tax bills how their earnings and wealth are affected. In this regard, the corporate tax is silent, because its <a href=\"https:\/\/alec.org\/wp-content\/uploads\/2022\/04\/2022-15th-RSPS-State-Pages_V3_Final_R1.pdf\">significant<\/a> impact is understood mainly in board rooms and distributed across the economy. Economists Arthur Laffer, Stephen Moore, and Jonathan Williams explain that the effects of corporate taxes \u201care disguised as price increases, employment decline, out-of-state migration of businesses and individuals, and overarching restrictions of economic growth.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/itrfoundation.org\/wp-content\/uploads\/2019\/12\/2019-12-19-A-Better-Path-Forward-for-Iowa-Tax-Reform-policy-report-web-version-1.pdf\">Corporate taxes&nbsp;<\/a>are also economically damaging because they \u201cdiscourage business productivity by reducing the benefits of hiring workers or investing in infrastructure,\u201d according to a joint study by the Tax Education Foundation of Iowa and the Buckeye Institute\u2019s Economic Research Center. They&nbsp;\u201csyphon resources away from productive investments and increase the cost of doing business.\u201d Both business and labor are essential for economic growth, and high corporate tax rates discourage both.<\/p>\n\n\n\n<p>\u201cCompared to other major taxes, the corporate income tax is one of the most economically harmful taxes states levy, because while corporations are legally responsible for paying the tax, the economic incidence of the corporate income tax falls on a firm\u2019s shareholders, employees, and consumers in the form of lower investment returns, lower wages, and higher prices,\u201d&nbsp;<a href=\"https:\/\/taxfoundation.org\/nebraska-corporate-tax-gilti\/\">wrote<\/a>&nbsp;Katherine Loughead, a senior analyst with the Tax Foundation. Loughead&nbsp;notes&nbsp;that high corporate tax rates create a \u201csticker shock,\u201d which can deter economic growth and investment.<\/p>\n\n\n\n<p>With such concerns in mind, Laffer, Moore, and Williams suggest \u201cstates with corporate income taxes should aim for the lowest possible rate applied to all state corporations with no exceptions.\u201d The last few years have found many states taking that advice and lowering both their individual and corporate tax rates. North Carolina has even placed its corporate tax on a path toward elimination. By 2030, its corporate tax will be eliminated.<\/p>\n\n\n\n<p>Reforms don\u2019t have to be that dramatic to be victories for all taxpayers. Iowa\u2019s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment. Such flourishing can\u2019t help but grow the economy, demonstrating that Iowa\u2019s participation in the state \u201cflat tax revolution\u201d was the right course, and Governor Reynolds and legislative leaders have promised to continue moving Iowa forward.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iowa\u2019s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment. When Iowa\u2019s corporate income tax was 12 percent, it was one of the highest in the nation. Starting on January 1, 2024, the top tax rate applied to corporations\u2019 income will be lowered from its current 8.4 percent, which is still tenth-highest, to [&hellip;]<\/p>\n","protected":false},"author":649,"featured_media":40562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","cybocfi_hide_featured_image":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[64,28],"tags":[],"jetpack_publicize_connections":[],"featured_image_urls":{"full":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates-.png",1040,618,false],"thumbnail":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--300x300.png",300,300,true],"medium":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--500x297.png",500,297,true],"medium_large":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--768x456.png",640,380,true],"large":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--1024x608.png",640,380,true],"widgets_image_size":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--800x9999.png",800,9999,true],"folio":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--600x400.png",600,400,true],"1536x1536":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates-.png",1040,618,false],"2048x2048":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates-.png",1040,618,false],"bizberg_medium":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--300x300.png",300,300,true],"bizberg_gallery":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--500x400.png",500,400,true],"bizberg_blog_list":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--368x240.png",368,240,true],"bizberg_detail_image":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--825x400.png",825,400,true],"bizberg_portfolio_homepage":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--600x400.png",600,400,true],"bizberg_blog_list_no_sidebar_1":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--220x190.png",220,190,true],"bizberg_detail_image_no_sidebar":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--920x400.png",920,400,true],"rpwe-thumbnail":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--45x45.png",45,45,true],"sow-carousel-default":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--272x182.png",272,182,true],"advps-thumb-one":["https:\/\/itrfoundation.org\/wp-content\/uploads\/2023\/09\/DJWJX-2024-corporate-income-tax-rates--600x220.png",600,220,true]},"post_excerpt_stackable":"<p>Iowa\u2019s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment. When Iowa\u2019s corporate income tax was 12 percent, it was one of the highest in the nation. Starting on January 1, 2024, the top tax rate applied to corporations\u2019 income will be lowered from its current 8.4 percent, which is still tenth-highest, to 7.1 percent. Opponents attempt to cast lowering the corporate tax in a negative light, claiming it only benefits large corporations. To the contrary, the cost of high corporate tax rates is passed on to consumers, whereas the lower corporate tax&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/itrfoundation.org\/category\/income-taxes\/\" rel=\"category tag\">Income Taxes<\/a>, <a href=\"https:\/\/itrfoundation.org\/category\/taxes\/\" rel=\"category tag\">Taxes<\/a>","author_info":{"name":"John Hendrickson","url":"https:\/\/itrfoundation.org\/author\/jhendrickson\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iowa Will Have a Lower Corporate Tax Rate in 2024 - ITR Foundation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/itrfoundation.org\/iowa-will-have-a-lower-corporate-tax-rate-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iowa Will Have a Lower Corporate Tax Rate in 2024 - ITR Foundation\" \/>\n<meta property=\"og:description\" content=\"Iowa\u2019s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment. When Iowa\u2019s corporate income tax was 12 percent, it was one of the highest in the nation. 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