Exempting from state income tax income received by a certified public accountant performing certain audits or examinations of governmental subdivisions, and including retroactive applicability provisions

Where it is now

1. ✓
   Done: IntroducedApril 3, 2024
2. ✕
   Stopped: SubcommitteeDied when the General Assembly ended
3. Next: House committee
4. Next: Passes the House
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The General Assembly adjourned on April 19, 2024. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill exempts from state income tax under Code sections 422.7 (individual) and 422.35 (corporate), as applicable, income received by a certified public accountant performing an audit or examination of a governmental subdivision under Code section 11.6. The bill applies retroactively to tax years beginning on or after January 1, 2024, but before January 1, 2029.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

Fiscal note

Less revenue: up to $1.7M Compare with other bills

The proposed income exemptions in HF 2685 are projected to decrease net General Fund revenue by the following: • FY 2025 = $1.7 million • FY 2026 = $1.6 million • FY 2027 = $1.4 million • FY 2028 = $1.4 million • FY 2029 = $1.4 million The Bill is projected to decrease school district surtax revenue by the following: • FY 2025 = $42,000 • FY 2026 = $40,000 • FY 2027 = $34,000 • FY 2028 = $35,000 • FY 2029 = $36,000

• Governmental Subdivision Audits, Income Tax Exemption · April 8, 2024

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§11.6§422.35§422.7

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.

Similar bills

• HF 2482 Exempting from state income tax income received by a certified public accountant performin…
  91st General Assembly · In committee
  Nearly identical

Matched by the wording of each bill’s explanation, or an identical title. Companion bills and renumbered versions of this bill aren’t listed; they’re the same bill.