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

SSB 3105: Creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions

Became SF 2292 · 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.

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 3, 2026

Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
Sen. Tony Bisignano (D) · tony.bisignano@legis.iowa.gov
Sen. Kara Warme (R) · kara.warme@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

February 3, 2026Filed in the Senate and sent to the Commerce committee
February 3, 2026Senate subcommittee named: Bousselot, Bisignano and Warme
February 9, 2026Subcommittee recommended passing it
February 11, 2026Approved by the Senate committee, and given a new number: SF 2292