So what do these upcoming changes look like? Under this law Iowa’s tax brackets are going to be changing in 2023, 2024, 2025 and then finally one more time in 2026. But, it’s a multi-year process to get there. What received the most headlines is the changes to the state’s income tax rates.Įventually, the state will move to a flat tax and do away with the current tax brackets. In addition to that change, there is also drastic reduction in tax rates on retirees with the exclusion of IRAs, pensions, and annuities from taxable income in the state of Iowa.īelow is a recording and transcript for a webinar we held in May of 2022 covering the details of this new law: In March of 2022, new Iowa tax reform was signed into law that will do away with Iowa’s complex income tax brackets and apply a flat tax. New Iowa Flat Tax Law – Impact on Retirees
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