The Iowa Department of Management has determined that the threshold has not been met to lower corporate taxes in the state for fiscal years beginning in 2026. Iowa Code provides for a possible reduction in corporate income tax rates if net corporate income tax receipts exceed $700 million for the immediately preceding fiscal year. In fiscal year 2025, those receipts were below that figure at $621.2 million. Corporate incomes of $100,000 and less will be charged a 5.5% rate, while incomes above $100,000 will be charged a 7.1% rate.