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June 23, 2022 Last Edit: June 5, 2025
Join Us in Thanking Gov. Kim Reynolds for Her Leadership on Two Big Victories for Small Business
HF 2317 – Income Tax Reform
This legislation provides significant tax reductions for many small-business owners and their employees. The bill reduces the current 8.53% top personal income tax rate to a single 3.9% flat rate by 2026. This bill also eliminates taxes on retirement income starting in tax year 2023 and begins to reduce the corporate tax rate from 9.8% to 5.5% as certain revenue triggers are met over time. HF 2317 passed the House 61-34. Then, it passed the Senate 32-16, and was signed into law by the governor on March 1.HF 2355 – Unemployment Insurance Reform
This legislation reforms Iowa’s current unemployment insurance system and transforms it into a re-employment system. The bill accomplishes many things, including minimizing the maximum amount of time an individual can be on unemployment from 6 months to 4 months. This provision alone will save employers $70-$80 million dollars per year in unemployment taxes. HF 2355 passed the House 58-37, then the State Senate 30-14. Governor Reynolds signed it into law June 16. Click here to read more about both reforms and to send Governor Reynolds a thank you.
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