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HF 2317 - Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026 - Iowa Key Vote

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Title: Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026

None by Governor Kim Reynolds


Title: Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026

See How Your Politicians Voted

Title: Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026

Vote Smart's Synopsis:

Vote to pass a bill that reduces the income tax rate to a 4 percent flat tax by 2026.

Highlights:

  • Increases percentage subtracted from net capital gains (Sec. 1).

  • Authorizes tax exclusion for retired farmer lease income (Sec. 4).

  • Authorizes tax exclusion for retired farmer capital gains (Sec. 7).

  • Establishes 6% alternate tax rate for 2023-24, 5.70% for 2024-25, 5.2% for 2025-26, 4.5% for 2026 onward (Sec. 12).

  • Establishes flat income tax of 4% (Sec. 20).

  • Appropriates moneys to Taxpayer Relief Fund through 2028 (Sec. 31).

Full Bill Text

See How Your Politicians Voted

Title: Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026

Vote Smart's Synopsis:

Vote to pass a bill that reduces the income tax rate to a 4 percent flat tax by 2026.

Highlights:

  • Increases percentage subtracted from net capital gains (Sec. 1).

  • Authorizes tax exclusion for retired farmer lease income (Sec. 4).

  • Authorizes tax exclusion for retired farmer capital gains (Sec. 7).

  • Establishes 6% alternate tax rate for 2023-24, 5.70% for 2024-25, 5.2% for 2025-26, 4.5% for 2026 onward (Sec. 12).

  • Establishes flat income tax of 4% (Sec. 20).

  • Appropriates moneys to Taxpayer Relief Fund through 2028 (Sec. 31).

Full Bill Text

Title: Reduces the Income Tax Rate to a 4 Percent Flat Tax by 2026

Committee Sponsors

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