10 Indexation. Iowa Code section 422.5 provides for the adjustment of the tax brackets by

a cumulative inflation factor to be determined by the director. The requirement that provided that the state general fund balance on June 30 of the prior calendar year had to be $60 million or more before there was indexation of the tax rate brackets for the current year was repealed for tax years beginning on or after January 1, 1996. This rule is intended to implement Iowa Code sections 422.4 and 422.21. [ARC 1303C, IAB 2/5/14, effective 3/12/14; Editorial change: IAC Supplement 11/2/22]