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Iowa Gov. Kim Reynolds signed a law cutting business unemployment taxes by $1.2 billion over five years.

The law halves the wages subject to unemployment taxes and lowers the current maximum tax rate from 7% to 5.4%.

Democrats criticize the cuts, saying a 2022 law reducing unemployment benefit duration made the cuts possible. Supporters say it'll allow businesses to invest in workers and growth.

Gov. Kim Reynolds has 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.

Reynolds, a Republican, signed the law, Senate File 607 , on June 5 at US Erectors, a steel erection and rigging company in Pleasant Hill.

She described the law as part of an ongoi

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