SF 2492·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.
Signed into LawFiled Apr 15, 2026
Sponsor: COMMITTEE ON WAYS AND MEANS
Latest Action
Signed by Governor. S.J. 1033.
May 15, 2026
Summary
The bill amends Iowa’s corporate tax code to allow a deduction for net controlled foreign corporation tested income (NCTI) instead of the previously referenced GILTI. It applies to Iowa companies that earn income through foreign subsidiaries and is retroactive to tax years beginning on or after Jan. 1, 2026. This change aligns state tax treatment with recent federal law.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
Topics
Track this bill
Get an email when SF 2492 moves: committee action, floor votes, amendments and hearings. Free, no card.
Track SF 2492 freeOr ask your AI assistant about SF 2492 directly:
Add to Claude, ChatGPT or Cursor