DES MOINES, IOWA (May 14, 2025) — Governor Kim Reynolds has issued the following statement on both the Iowa House and Senate passing SF 607, a bill to simplify and decrease unemployment taxes on businesses:
“While we’ve cut both corporate and individual tax rates and removed more than 1,200 state regulations, our unemployment insurance tax has needlessly punished Iowa businesses. Our unemployment trust fund balance is at an all-time high of nearly $2 billion, while the duration of unemployment claims is at a record low of around nine weeks. We’re clearly over-collecting.
“Passing this bill means nearly $1 billion in savings over five years for Iowa businesses of all sizes. Thank you to our legislators and key stakeholders for their support to help attract new business to Iowa and place existing businesses on a level playing field with our neighboring states.”
