Bills › 90th General Assembly
Where it is now
- Done: IntroducedFebruary 19, 2024
- Done: SubcommitteeFebruary 19, 2024
- Done: House committeeApril 2, 2024
- Skipped: Passes the HouseContinued as HF 2685
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 2685 → Its progress continues under the new number. Go to HF 2685 What’s a funnel?
What’s in it
AI summary Certified public accountants will not have to pay state income tax on money they earn from auditing or examining local government groups. This change applies to both individual accountants and corporations. The new rule covers tax years starting on or after January 1, 2024.1
Read the official explanation
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 S.F. _____ H.F. _____ after January 1, 2024.
House subcommittee
Named February 19, 2024. On February 27, 2024 it recommended amendment and passage. Vote Total: 3-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Fiscal note
AI summary This bill exempts income earned by certified public accountants performing audits of governmental subdivisions from state individual and corporate income taxes. It is projected to decrease net General Fund revenue by $1.7 million in fiscal year 2025, $1.6 million in fiscal year 2026, and $1.4 million in each of fiscal years 2027, 2028, and 2029. Additionally, the bill is expected to decrease school district surtax revenue by $42,000 in fiscal year 2025, $40,000 in fiscal year 2026, $34,000 in fiscal year 2027, $35,000 in fiscal year 2028, and $36,000 in fiscal year 2029.3
From the note: 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 · $1.7M
Iowa Code it changes
Lobbying
2 for · 0 against · 1 undecided · Who →
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90th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 2482 Exempting from state income tax income received by a certified public accountant performin…91st General Assembly · In committeeNearly identical
Matched by wording or an identical title.