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SF 2442 - Reduces Individual State Income Tax Rates to 3.8% - Iowa Key Vote

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Title: Reduces Individual State Income Tax Rates to 3.8%

Signed by Governor Kim Reynolds


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Title: Reduces Individual State Income Tax Rates to 3.8%

Vote Smart's Synopsis:

Vote to pass a bill that reduces state income tax rates to 3.8%, amends tax credits, deductions, and methods for determining property taxes in Iowa beginning in 2025

Highlights:

  • Reduces individual state income tax rates to 3.8% beginning January 1, 2025 (Div. I, Sec. 2).

  • Amends tax credits, deductions, and methods for determining property and franchise taxes in the state beginning July 1, 2025 (Div. IV, Sec. 26).

  • Establishes that if state revenues fall below state spending in a fiscal year, this bill requires taking half of the funding shortfall directly from the relief fund through July 1, 2029 (Div. VIII, Sec. 62).

  • Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Div. IX, Sec. 64).

Full Bill Text

See How Your Politicians Voted

Title: Reduces Individual State Income Tax Rates to 3.8%

Vote Smart's Synopsis:

Vote to pass a bill that reduces state income tax rates to 3.8%, amends tax credits, deductions, and methods for determining property taxes in Iowa beginning in 2025

Highlights:

  • Reduces individual state income tax rates to 3.8% beginning January 1, 2025 (Div. I, Sec. 2).

  • Amends tax credits, deductions, and methods for determining property and franchise taxes in the state beginning July 1, 2025 (Div. IV, Sec. 26).

  • Establishes that if state revenues fall below state spending in a fiscal year, this bill requires taking half of the funding shortfall directly from the relief fund through July 1, 2029 (Div. VIII, Sec. 62).

  • Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Div. IX, Sec. 64).

Full Bill Text

Title: Reduces Individual State Income Tax Rates to 3.8%

Committee Sponsors

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