What Will Iowa’s Tax Reform Do?
Iowans for Tax Relief commissioned a study examining the impact on Iowa’s economy from recent state tax law changes. According to Beacon Hill Institute, when fully implemented, Iowa’s tax law changes will:
Once fully implemented, Iowa households will enjoy a real disposable income increase of $673 million.
When the corporate income tax rate cut is fully implemented, it will provide an increase to the return on investment and ignite a surge in capital investment, which would increase by $100 million in 2024.
According to the Tax Foundation, Iowa ranks as the 11th worst state for its overall business climate. Iowa needed to act in order to compete with other states for jobs and investment.
Not only reduces rates but simplifies Iowa’s tax code by:
- Reducing the number of brackets
- Aligning Iowa’s corporate income tax laws to federal tax code
- Updating outdated tax credits
Download the complete Beacon Hill Institute Tax Reform Study here.