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

SF 2292: Creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions

Became SF 2492 · Its progress continues under the new number.

What it does

This bill creates a state corporate income tax deduction for net controlled foreign corporation tested income (NCTI).35(12) specifically references global intangible low-taxed income (GILTI) under section 951A of the Internal Revenue Code (IRC) for purposes of a state corporate income tax deduction allowed under that Code section. Recent federal legislation replaced GILTI with NCTI under section 951A of the IRC. NCTI is the aggregate amount of net income subject to federal tax that is earned by a taxpayer from controlled foreign corporations of the taxpayer, and is applied more broadly to foreign income than GILTI.

Sponsors

Commerce committee

Cost

See the fiscal note

Senate File 2492 is expected to decrease revenue to the General Fund by the following amounts: • FY 2026 = $2.1 million • FY 2027 = $9.2 million • FY 2028 = $11.4 million • FY 2029 = $11.7 million • FY 2030 = $11.9 million • FY 2031 = $12.1 million 2

Senate subcommittee · named February 18, 2026

  • Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
  • Sen. Jeff Reichman (R) · jeff.reichman@legis.iowa.gov
  • Sen. Cindy Winckler (D) · cindy.winckler@legis.iowa.gov

Lobbying · 7 for, 0 against

For: Anheuser Busch; Cargill; Corteva Agriscience; Iowa Association of Business and Industry (ABI); Iowa Business Council; Iowa Taxpayers Association; Principal Financial Group

In plain words

  1. February 3, 2026Filed in the Senate and sent to the Commerce committee · as SSB 3105
  2. February 3, 2026Senate subcommittee named: Bousselot, Bisignano and Warme · as SSB 3105
  3. February 9, 2026Subcommittee recommended passing it · as SSB 3105
  4. February 11, 2026Approved by the Senate committee, and given a new number: SF 2292 · as SSB 3105
  5. February 12, 2026Filed in the Senate
  6. February 12, 2026Approved by the Senate committee
  7. February 16, 2026Sent to the Senate Ways and Means committee
  8. February 18, 2026Senate subcommittee named: Bousselot, Reichman and Winckler
  9. March 4, 2026Subcommittee recommended passing it
  10. April 15, 2026Approved by the Senate committee, and given a new number: SF 2492

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/SF2292