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

HF 2666: Relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions

Died when the session ended · The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died.

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 …

Senate subcommittee · named April 3, 2024

Sen. Dawn Driscoll (R) · dawn.driscoll@legis.iowa.gov
Sen. Annette Sweeney (R) · annette.sweeney@legis.iowa.gov
Sen. T. Taylor

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

March 20, 2024Filed in the House
March 21, 2024Cost estimate (fiscal note) posted
April 2, 2024Passed the House, 95–0
April 2, 2024Arrived in the Senate
April 3, 2024Senate subcommittee named: Driscoll, Sweeney and T. Taylor
April 10, 2024Subcommittee recommended passing it
April 18, 2024Approved by the Senate committee