An agreement has been reached between Iowa's House, Senate and Governor regarding tax reform in the State.
The Governor announced the deal on Friday and it contains $400 Million in cuts next year for both individuals and corporations.
The Governor's statement said: "Right now, Iowa has the fourth highest individual income tax rate in the country and the highest corporate tax rate in the county. Iowa is ranked 40th in business tax climate by the nonpartisan Tax Foundation. U.S. News and World Report, while ranking Iowa first overall, ranked Iowa’s business environment 46th. If nothing is done to reform the tax code, Iowans’ state taxes will increase as a result of federal tax reform because of federal deductibility."
The tax cut will start next year and will amount to roughly 10%.
"When fully implemented as soon as 2023, the plan will reduce the number of individual income brackets to four, with a top rate of 6.5 percent. The top corporate rate will be lowered to 9.8 percent," the statement added.
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