SF 2292·IA·senate
A bill for an act creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions.
FailedFiled Feb 12, 2026
Sponsor: COMMITTEE ON COMMERCE
Latest Action
Committee report approving bill, renumbered as SF 2492. S.J. 807.
Apr 15, 2026
Summary
The bill lets Iowa corporations deduct net controlled foreign corporation tested income (NCTI) from their state corporate tax. It replaces the current reference to GILTI with NCTI, ensuring the deduction continues after federal law changed. The change applies to tax years starting on or after Jan. 1, 2026.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
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