On 1 March 2022, the governor of the U.S. State of Iowa signed a tax reform bill (House File 2137) into law, which includes measures for a mechanism to reduce the corporate income tax rate depending on net corporate income tax receipts in the prior year. The measures provide that where net corporate income tax receipts exceed USD 700 million in the preceding fiscal year, as first determined on 1 November 2022, the corporate tax rates in the middle and upper brackets will be adjusted in such a way that when combined with the lower bracket rate(s), the tax rates...