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

HF 622: Creating a catastrophic savings account and modifying individual income taxes for account holders and including applicability provisions

Became HF 988 · Its progress continues under the new number.

What it does

This bill allows individuals who are residents, on or after January 1, 2026, to open an interest-bearing savings account with a state or federally chartered bank, savings and loan association, credit union, or trust company in this state and designate the account as a catastrophic savings account (account) for the purpose of financing the payment of qualified catastrophic expenses. “Qualified catastrophic expense” is defined in the bill to mean the payment of a homeowner’s property and casualty insurance deductible under an insurance policy covering the account holder’s homestead, if the policy covers flood, windstorm, or another catastrophic event, or the equivalent of such payments by an uninsured account holder.

Sponsors

Commerce committee

Cost

No fiscal note

House subcommittee · named March 18, 2025

  • Rep. Shannon Lundgren (R) · shannon.lundgren@legis.iowa.gov
  • Rep. Scheetz
  • Rep. David E. Young (R) · david.young@legis.iowa.gov

Lobbying · 7 for, 0 against

For: Independent Insurance Agents of Iowa; Iowa Bankers Association; Iowa Bankers Insurance & Services, Inc.; Iowa Bankers Mortgage Corp.; Iowa Credit Union League; Iowa Mortgage Association; State Farm Insurance

In plain words

  1. February 11, 2025Filed in the House and sent to the Commerce committee · as HSB 149
  2. February 11, 2025House subcommittee named: Harris, Johnson, R. and Vondran · as HSB 149
  3. February 19, 2025Subcommittee recommended passing it · as HSB 149
  4. February 25, 2025Approved by the House committee · as HSB 149
  5. February 25, 2025Committee vote: 22–0 · as HSB 149
  6. February 27, 2025Filed in the House and sent to the Ways and Means committee
  7. February 27, 2025Approved by the House committee, and given a new number: HF 622 · as HSB 149
  8. March 18, 2025House subcommittee named: Lundgren, Scheetz and Young
  9. March 26, 2025Subcommittee recommended passing it
  10. April 2, 2025Approved by the House committee
  11. April 2, 2025Committee vote: 24–0
  12. April 7, 2025Approved by the House committee, and given a new number: HF 988
  13. April 28, 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/HF622