Major tax bills
Here are the tax bills we're watching during the 2024 session.
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SSB 3189 – Proposed constitutional amendment requiring income tax rates to be a single rate – no graduated rates for different income levels. Passed Senate Ways & Means 3/20. Likely to be renumbered soon.
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SJR 2003 and HJR 2006 – Proposed constitutional amendment requiring two-thirds majorities in both chambers of the Legislature to approve any increase in individual or corporate income-tax rates, and to require that the individual income tax rate be a single rate – no different rates for different income levels.
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SSB 3141 and HSB 720 – Proposal to accelerate income tax cuts currently being phased in, to 3.775% in 2026 and 3.65% in 2027, and to set up a process to eliminate income-tax rates. Under current law, Iowa would move to a single rate of 3.9% in 2026.
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HSB 543 and SF 2398 – Governor Reynolds’ proposal to accelerate current income tax cuts and cut deeper, to a 3.65% single rate in 2024 and a 3.5% single rate in 2025. Under current law, Iowa would move to a single rate of 3.9% in 2026.