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

SF 2492: Creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions

Signed into law

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

Ways and Means (successor To Ssb 3105) committee

Cost

Less revenue: up to $12.1M

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

House subcommittee · named April 29, 2026

  • Rep. Chad Behn (R) · chad.behn@legis.iowa.gov
  • Rep. Monica Kurth (D) · monica.kurth@legis.iowa.gov
  • Rep. Brent Siegrist (R) · brent.siegrist@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. April 15, 2026Filed in the Senate
  2. April 15, 2026Approved by the Senate committee
  3. April 20, 2026Cost estimate (fiscal note) posted
  4. April 27, 2026Passed the Senate, 46–0
  5. April 28, 2026Arrived in the House
  6. April 29, 2026House subcommittee named: Behn, Kurth and Siegrist
  7. April 30, 2026Subcommittee recommended passing it
  8. May 1, 2026Approved by the House committee
  9. May 1, 2026Committee vote: 24–0
  10. May 2, 2026Passed the House, 85–0
  11. May 11, 2026Sent to the Governor
  12. May 14, 2026Cost estimate (fiscal note) posted
  13. May 15, 2026Signed into law

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/SF2492