90th General Assembly · Funnel one-pager · Monday, November 9, 2026

HF 2503: Relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions

Became HF 2666 · Its progress continues under the new number.

What it does

Current law excludes from the individual income tax a retired farmer’s total net income received pursuant to a farm tenancy agreement covering real property held by the retired farmer for or more years, if the farmer materially participated in a farming business for or more years. Under current law, net income from a farm tenancy agreement earned by an entity taxed as a partnership for federal tax purposes, an S corporation, or a trust or estate is not eligible for the farm tenancy lease income exclusion.

Cost

Less revenue: up to $3.9M

The proposed deductions from the individual income tax in House File 2666 are projected to decrease net individual income tax liability and State General Fund revenue by the following amounts: • FY 2025 = $3.9 million • FY 2026 = $1.8 million • FY 2027 = $1.5 …

House subcommittee · named February 21, 2024

Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov
Rep. Megan Jones (R) · megan.jones@legis.iowa.gov
Rep. Amy Nielsen (D) · amy.nielsen@legis.iowa.gov

Lobbying · 8 for, 0 against

For: Iowa Corn Growers Association; Iowa Pork Producers Association; Iowa State Bar Association; Iowa State Dairy Association; Iowa Taxpayers Association; Iowa Turkey Federation; Iowans for Tax Relief; The Iowa Academy of Trust and Estate Counsel

In plain words

February 14, 2024Filed in the House and sent to the Ways and Means committee
February 21, 2024House subcommittee named: Wulf, Jones and Nielsen
March 5, 2024Subcommittee recommended passing it
March 8, 2024Cost estimate (fiscal note) posted
March 19, 2024Approved by the House committee
March 20, 2024Approved by the House committee, and given a new number: HF 2666
April 2, 2024Withdrawn