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

SF 2470: Relating to event-driven contracts traded on dedicated contract markets by requiring a permit to conduct business in the state, imposing a tax on adjusted revenues or amounts traded, making adjustments to individual and corporate income taxes, providing for fees, and including contingent effective date, applicability, and retroactive applicability provisions

Died when the session ended · The General Assembly adjourned on October 2, 2026. Bills that didn’t pass both chambers died.

What it does

This bill relates to event-driven contracts traded on dedicated contract markets by requiring a permit to conduct business in the state, imposing a tax on adjusted revenues, and making adjustments to individual and corporate income taxes. REGULATION AND ADMINISTRATION. The bill defines “event-driven contract” to generally mean a financial derivative traded on a designated contract market (prediction market) that is regulated by the federal commodity futures trading commission that provides a fixed binary payout based upon the occurrence or nonoccurrence of a specific future event rather than being based upon the continuous fluctuation of a security price, commodity value, or interest rate.

Sponsors

Sen. Mike Klimesh (R)

Cost

Can’t be estimated

6 million The withholding requirements in the Bill are also estimated to increase General Fund revenue in FY 2027 in an amount that cannot be determined due to a lack of data. 0% event-driven contract excise tax paid by traders who buy or sell an event-driven …

House subcommittee · named April 23, 2026

  • Rep. Craig P. Johnson (R) · craig.johnson@legis.iowa.gov
  • Rep. Shannon Lundgren (R) · shannon.lundgren@legis.iowa.gov
  • Rep. Beth Wessel-Kroeschell (D) · beth.wessel-kroeschell@legis.iowa.gov

Lobbying · 1 for, 6 against

For: Caesars Enterprise Services, LLC.

Against: Blockratize Inc.; Cedar Rapids Development Group LLC; Churchill Downs Incorporated; Crypto.com; Elite Casino Resorts, LLC; Kalshi Inc.

In plain words

  1. March 12, 2026Filed in the Senate
  2. March 12, 2026Approved by the Senate committee
  3. March 18, 2026Cost estimate (fiscal note) posted
  4. March 31, 2026Passed the Senate, 45–1
  5. April 6, 2026Arrived in the House
  6. April 7, 2026Cost estimate (fiscal note) posted
  7. April 8, 2026House subcommittee named: Siegrist, Hora and Wessel-Kroeschell
  8. April 23, 2026House subcommittee named: Johnson, C., Lundgren and Wessel-Kroeschell
  9. April 27, 2026Subcommittee recommended passing it

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/SF2470