Gov. Kim Reynolds signed a law that will cut taxes on Iowa businesses by $1.2 billion over the next five years, lowering the amount that they pay into the state's unemployment trust fund. kimreynoldsia, a Republican, signed the law, Senate File 607, on June 5 at US Erectors, a steel erection and rigging company in Pleasant Hill. When it takes effect July 1, the law will cut in half the amount of wages on which businesses pay unemployment taxes, as well as lower the current maximum unemployment tax rate from 7% to 5.4% and reduce the number of tax tables. Those taxes flow into Iowa's unemployment trust fund, which pays unemployment benefits to workers when they are laid off. Tap the link in our bio for more on this story. #Iowa #IApolitics #IAlegis