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Iowa Code Title X. Financial Resources [Chs. 421-454] § 422.5A. Tax rates

Current as of January 01, 2024 | Updated by Findlaw Staff

1. a. The tax imposed in section 422.5 shall be calculated using the following rates in the following tax years in the case of married persons filing jointly:

(1) For the tax year beginning on or after January 1, 2023, but before January 1, 2024:

(a) On taxable income from 0 through $12,000, the rate of 4.40 percent.

(b) On taxable income exceeding $12,000 but not exceeding $60,000, the rate of 4.82 percent.

(c) On taxable income exceeding $60,000 but not exceeding $150,000, the rate of 5.70 percent.

(d) On taxable income exceeding $150,000, the rate of 6.00 percent.

(2) For the tax year beginning on or after January 1, 2024, but before January 1, 2025:

(a) On taxable income from 0 through $12,000, the rate of 4.40 percent.

(b) On taxable income exceeding $12,000 but not exceeding $60,000, the rate of 4.82 percent.

(c) On taxable income exceeding $60,000, the rate of 5.70 percent.

(3) For the tax year beginning on or after January 1, 2025, but before January 1, 2026:

(a) On taxable income from 0 through $12,000, the rate of 4.40 percent.

(b) On taxable income exceeding $12,000, the rate of 4.82 percent.

b. The tax imposed in section 422.5 shall be calculated using the following rates in the following tax years in the case of any other taxpayer other than married persons filing jointly:

(1) For the tax year beginning on or after January 1, 2023, but before January 1, 2024:

(a) On taxable income from 0 through $6,000, the rate of 4.40 percent.

(b) On taxable income exceeding $6,000 but not exceeding $30,000, the rate of 4.82 percent.

(c) On taxable income exceeding $30,000 but not exceeding $75,000, the rate of 5.70 percent.

(d) On taxable income exceeding $75,000, the rate of 6.00 percent.

(2) For the tax year beginning on or after January 1, 2024, but before January 1, 2025:

(a) On taxable income from 0 through $6,000, the rate of 4.40 percent.

(b) On taxable income exceeding $6,000 but not exceeding $30,000, the rate of 4.82 percent.

(c) On taxable income exceeding $30,000, the rate of 5.70 percent.

(3) For the tax year beginning on or after January 1, 2025, but before January 1, 2026:

(a) On taxable income from 0 through $6,000, the rate of 4.40 percent.

(b) On taxable income exceeding $6,000, the rate of 4.82 percent.

2. This section is repealed January 1, 2026.

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Cite this article: FindLaw.com - Iowa Code Title X. Financial Resources [Chs. 421-454] § 422.5A. Tax rates - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-x-financial-resources-chs-421-454/ia-code-sect-422-5a/

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