Iowa DOR Issues Guidance Regarding Corporate Income Tax Rate Changes for 2024

The Iowa Department of Revenue (DOR) Sept. 22 issued guidance regarding corporate income tax rate changes for 2024. The DOR’s director issued an order, Order 2023-02, that certifies the DOR’s calculation of new tax rates effective for tax years beginning on or after Jan. 1, 2024. The DOR provides the tax rates for different income brackets, including: 1) 5.5 percent for $0 to $25,000; 2) 5.5 percent for $25,001 to $100,000; 3) 7.1 percent for $100,001 to $250,000; and 4) 7.1 percent for more than $250,000. [Iowa Dep’t of Revenue, Press Release, 09/22/23]

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