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91st General Assembly · Funnel one-pager · Monday, November 9, 2026

HF 56: Relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions

Became HF 624 · 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. 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.

Sponsors

Rep. Bill Gustoff (R), Rep. Megan Jones (R), Rep. Derek Wulf (R)

Cost

See the fiscal note

The proposed deductions from the individual income tax in House File 624 are estimated to decrease net individual income tax liability and State General Fund revenue by the following amounts: • FY 2026 = $10.5 million • FY 2027 = $4.6 million • FY 2028 = $4.7 …

House subcommittee · named January 23, 2025

  • Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov
  • Rep. Lindsay James (D) · lindsay.james@legis.iowa.gov
  • Rep. Megan Jones (R) · megan.jones@legis.iowa.gov

Lobbying · 10 for, 0 against

For: Center for Rural Affairs; Iowa Cattlemen's Association; Iowa Corn Growers Association; Iowa Pork Producers Association; Iowa Select Farms, L.L.P.; Iowa Soybean Association; Iowa State Bar Association; Iowans for Tax Relief; National Federation of Independent Business (NFIB /IA); The Iowa Academy of Trust and Estate Counsel

In plain words

  1. January 14, 2025Filed in the House and sent to the Ways and Means committee
  2. January 23, 2025House subcommittee named: Wulf, James and Jones
  3. January 29, 2025Subcommittee recommended passing it
  4. February 25, 2025Approved by the House committee
  5. February 25, 2025Committee vote: 24–0
  6. February 27, 2025Approved by the House committee, and given a new number: HF 624
  7. March 21, 2025Withdrawn

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/91/HF56