Iowa Releases Updated Guidance on Corporate Income Tax Changes for 2021

The Department of Revenue of the U.S. state of Iowa announced the release of updated guidance on 4 October 2021 regarding corporate income tax changes for 2021. Effective for tax years beginning on or after 1 January 2021, the corporate income tax rates are reduced, and the number of corporate income tax brackets is decreased from four brackets with a top rate of 12% to three brackets as follows:

• USD 0 to USD 100,000 - 5.5%
• USD 100,001 to USD 250,000 - 9.0%
• over USD 250,000 - 9.8%

In addi…