The tax imposed in section 422.5 shall be calculated at the following rates:

1. 1. On all taxable income from 0 through $1,000, the rate of 0.33 percent.
2. 2. On all taxable income exceeding $1,000 but not exceeding $2,000, the rate of 0.67 percent.
3. 3. On all taxable income exceeding $2,000 but not exceeding $4,000, the rate of 2.25 percent.
4. 4. On all taxable income exceeding $4,000 but not exceeding $9,000, the rate of 4.14 percent.
5. 5. On all taxable income exceeding $9,000 but not exceeding $15,000, the rate of 5.63 percent.
6. 6. On all taxable income exceeding $15,000 but not exceeding $20,000, the rate of 5.96 percent.
7. 7. On all taxable income exceeding $20,000 but not exceeding $30,000, the rate of 6.25 percent.
8. 8. On all taxable income exceeding $30,000 but not exceeding $45,000, the rate of 7.44 percent.
9. 9. On all taxable income exceeding $45,000, the rate of 8.53 percent.

For future amendment to this section, effective January 1, 2023, see 2018 Acts, ch 1161, §107, 133, 134; 2021 Acts, ch 177, §1

2018 Acts, ch 1161, §73, 97, 98

Referred to in §421.27, 422.5, 422.16, 422.16B, 422.25A