SF 19: Relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions

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.

Senate subcommittee · named January 22, 2025

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. William A. Dotzler Jr. (D) · bill.dotzler@legis.iowa.gov
• Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov

Lobbying · 6 for, 0 against

For: Iowa Cattlemen's Association; Iowa Corn Growers Association; Iowa Pork Producers Association; Iowa Select Farms, L.L.P.; Iowa Soybean Association; The Iowa Academy of Trust and Estate Counsel

In plain words

1. January 14, 2025Filed in the Senate and sent to the Ways and Means committee
2. January 22, 2025Senate subcommittee named: Dawson, Dotzler and Rowley