A bill for an act creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions.(Formerly SSB 3105; See SF 2492.)

Where it is in the process

Plain-English Summary

This bill allows Iowa businesses to deduct net controlled foreign corporation tested income from their state corporate income taxes. This change is needed because federal law recently updated how foreign income is taxed, replacing an older category called GILTI with NCTI. The law applies retroactively to January 1, 2026.

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