IDR Releases Tax Guidance: Iowa Corporate Income Tax Rate Changes for 2024

On September 22, 2023, the Director of the Iowa Department of Revenue, Mary Mosiman, issued Order 2023-02. The Department has provided guidance to explain this tax change:

• Iowa Corporate Income Tax Rate Changes for 2024
  Order 2023-02 certifies the Department’s calculation of new corporate income tax rates effective for tax years beginning on or after January 1, 2024, pursuant to 2022 Iowa Acts, House File 2317, Division IX.

  Bracket	Tax Rate
  $0- $25,000	5.5%
  $25,001- $100,000	5.5%
  $100,001- $250,000	7.1%
  > $250,000	7.1%

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