Iowa Entrepreneurs Still Struggling From COVID-19 Pandemic, Tax Relief Welcome
NFIB, or the National Federation of Independent Business here in Iowa, applauds the Iowa House for passing important legislation that would lower income tax rates for small business owners to a flat 4 percent rate by 2026.
One of the top issues for NFIB small business owners here in Iowa is our state’s burdensome tax code. Despite recent reforms, Iowa still has one of the highest tax rates in the country. With nearly $1.8 billion in surplus, strong revenue forecasts and a stable budget, NFIB has been urging Iowa legislators from the beginning of the session to implement policies that will continue to lower or eliminate income tax rates in Iowa.
“Income tax reform is the best way to get money back into the hands of our small business owners and their employees,” said Matt Everson, NFIB State Director in Iowa. “On behalf of the nearly 11,000 NFIB small business members in Iowa, we want to thank Speaker Grassley, Majority Leader Windschitl and House Ways and Means Chairman Hein for their leadership on this important issue. We look forward to the House and Senate working together in the coming weeks and sending a final income tax package to the Governor for her signature.
You can find a link to the bill here.