Taking Stock and Giving Thanks for 2022
November 11, 2022 | Showing Gratitude in Business
As the public policy team at ABI takes stock and gives thanks for 2022, we are first most thankful for an engaged membership which was the driving force behind successes in some long-sought policy goals. Additionally, members' participation in IIPAC, the political action committee of ABI, allowed the association to see important successes on Election Day, with probusiness candidates winning critical races.
As for the policy successes that ABI members can be thankful for:
- HF2355 made changes to Iowa’s unemployment system, providing more assistance earlier to get those who find themselves out of work back to work while saving employers $107 million in 2023.
- HF2317 reduced personal income taxes, eliminated taxes on retirement and began a phased-in reduction of corporate tax rates from a current high of 9.8% to 8.4%, saving employers $150 million in 2023.
- HF2384 provided cost relief to main street pharmacies. S-5182 was approved by the Senate and House at the request of ABI, eliminating costs in the bill that would've increased employer and employee insurance premiums, saving employers $109 million in 2023 through its adoption.
- Finally, the modernization of Iowa’s workers’ compensation system that began with legislation passed in 2017 will yield insurance premium savings of over 38% since it's enactment.
In total, these actions will end up saving employers $366 million in 2023!
Beyond the great engagement of ABI members, thanks for these successes go to Governor Reynolds and pro-business legislators – from both partieswho supported some or all of this agenda.
If you would like more information on how these policies may affect you or your business, please contact the ABI Public Policy team: JD Davis - firstname.lastname@example.org or Brad Hartkopf - email@example.com.