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

SF 552: Relating to individual and corporate income taxes, the insurance premium tax, and including the contingent repeal of the individual income tax, and including retroactive applicability and effective date provisions

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

What it does

This bill reduces the individual and corporate income tax rates and the insurance premium tax rates. DIVISION I —— FUTURE INDIVIDUAL INCOME TAX RATE CHANGES.90 percent individual flat income tax rate established for tax years beginning on or after January 1, 2026, in 2022 Iowa Acts, chapter 1002, section 20.55 percent.95 percent.50 percent.5. The alternate income tax is an alternate method of calculating income tax liability in lieu of the regular income tax calculation for taxpayers with income slightly above the income tax filing thresholds.

Sponsors

Ways and Means committee

Cost

See the fiscal note

The Department projects that the reduction in income tax rates for TY 2025 through TY 2029 will reduce income taxes by the amounts listed in the top portion of Figure 1, while the bottom portion provides the projected reduction in State General Fund revenue by…

Senate subcommittee · named January 9, 2024

  • Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
  • Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov
  • Sen. Jason Schultz (R) · jason.schultz@legis.iowa.gov

Lobbying · 6 for, 6 against

For: Americans For Prosperity; Delta Dental of Iowa; Federation of Iowa Insurers; Independent Insurance Agents of Iowa; Iowa Business Council; Iowans for Tax Relief

Against: Iowa Environmental Council; Iowa State Education Association; Rural School Advocates of Iowa; School Administrators of Iowa; United Professionals/UE; Urban Education Network of Iowa

In plain words

  1. March 16, 2023Filed in the Senate
  2. March 16, 2023Approved by the Senate committee
  3. April 13, 2023Cost estimate (fiscal note) posted
  4. June 5, 2023Sent to the Senate Ways and Means committee
  5. January 9, 2024Senate subcommittee named: Dawson, Quirmbach and Schultz

From public records at legis.iowa.gov, compiled by Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/90/SF552