Today, Governor Kim Reynolds signed SF 607, a bill lowering the unemployment insurance taxable wage base and decreasing the maximum unemployment insurance tax rate.  
¢â‚¬Å“Iowans are finding new jobs, on average, in just nine weeks. As a result, our unemployment trust fund is full, ¢â‚¬ � Gov. Reynolds said. ¢â‚¬Å“Our nearly $2 billion fund balance is the ninth highest in the country even though we ¢â‚¬â„¢re 32nd for population. With this legislation, we will reduce the unemployment insurance payments that employers make by half, resulting in nearly $1 billion in savings for businesses of all sizes and allowing employers to reinvest into their workers and communities. ¢â‚¬ � 
SF 607 decreases the unemployment insurance taxable wage base by 50%. The bill also simplifies the unemployment tax tables and decreases the maximum tax rate from 9% to 5.4%. 
The bill goes into effect July 1, 2025.