422.5A Tax rates.
The tax imposed in section 422.5 shall be calculated at the following rates:
1. On all taxable income from 0 through $1,000, the rate of 0.33 percent.
2. On all taxable income exceeding $1,000 but not exceeding $2,000, the rate of 0.67 percent.
3. On all taxable income exceeding $2,000 but not exceeding $4,000, the rate of 2.25 percent.
4. On all taxable income exceeding $4,000 but not exceeding $9,000, the rate of 4.14 percent.
5. On all taxable income exceeding $9,000 but not exceeding $15,000, the rate of 5.63 percent.
6. On all taxable income exceeding $15,000 but not exceeding $20,000, the rate of 5.96 percent.
7. On all taxable income exceeding $20,000 but not exceeding $30,000, the rate of 6.25 percent.
8. On all taxable income exceeding $30,000 but not exceeding $45,000, the rate of 7.44 percent.
9. On all taxable income exceeding $45,000, the rate of 8.53 percent.
2018 Acts, ch 1161, §73, 97, 98
Referred to in §422.5, 422.16
For future amendment to this section, effective on or after January 1, 2023, contingent upon the meeting of certain net general fund revenue criteria, see 2018 Acts, ch 1161, §107, 133, 134
Section effective January 1, 2019, and applies to tax years beginning on or after that date; 2018 Acts, ch 1161, §97, 98
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