Excluding interest income earned from banks and credit unions from the calculations of Iowa net income for purposes of the individual income tax, and including effective date and retroactive applicability provisions

Where it is now

1. ✓
   Done: IntroducedFebruary 24, 2025
2. ✕
   Stopped: SubcommitteeDied when the General Assembly ended
3. Next: House committeeFunnel: by February 20, 2026
4. Next: Passes the House
5. Next: Senate committeeFunnel: by March 20, 2026
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 October 2, 2026. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill excludes interest income received from banks and credit unions from the calculation of Iowa net income for purposes of the individual income tax. The bill defines “bank” and “credit union”. The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2025.

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

Iowa Code it changes

Amends§422.7

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