Tax savings possible for Iowa businesses next year
The Iowa Workforce Development has announced recently that employers will see tax savings of about $100 million, by moving from tax table four to table five. The average rate will fall from 2.4 percent to 2 percent for 2013.
“This is exciting news for Iowa businesses and the economy,” said Iowa Workforce Development director Teresa Wahlert. “While states across the country have struggled with the stability of their Unemployment Insurance Trust Funds, Iowa has moved the rates in a positive direction for businesses two years in a row.”
In 2013, more than 52 percent of Iowa businesses will experience a zero rate. Iowa is one of only six states in the country that provides a zero rate within the tax tables. Additionally, the new employer non-construction rate will decrease from 1.5 percent in 2012 to 1.1 percent in 2013.
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