Bills › 91st General Assembly
Providing fees for the filing of a biennial report by business entities with the secretary of state
Proposed by the Secretary of State · all agency proposals
Where it is now
- Done: IntroducedJanuary 30, 2025
- Done: SubcommitteeJanuary 30, 2025
- Done: House committeeFebruary 12, 2025
- Skipped: Passes the HouseContinued as HF 759
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 759 → Its progress continues under the new number. Go to HF 759 What’s a funnel?
What’s in it
AI summary Most businesses in Iowa must file a report every two years to update their information with the Secretary of State. Currently, business corporations have a set fee of $60 to file this report, but this bill would allow the Secretary of State to decide what that fee should be instead. This change makes the rules for corporations the same as the rules for other types of businesses.1
Read the official explanation
GENERAL. A business entity organized by statute formed in this state (domestic) or formed outside this state and doing or transacting business in this state (foreign) must file a biennial report with the secretary of state listing information regarding the business entity.1613). A business entity must file a biennial report on a two-year cycle by April of either an even-numbered year or odd-numbered year depending on the type of business entity formed. Generally, regardless of the form of the business entity filing a biennial report, the business entity must provide common information, including its name, whether it is domestic or foreign, the name and address of its registered agent and registered office for service of process, the address of its principal office, and any alternative name that it may use. BILL’S PROVISIONS —— FILING FEE. Generally, the secretary of state determines the amount of the filing fee required to accompany a biennial report filed by a domestic or foreign business entity.122). This bill provides that for a business corporation, the amount of the filing fee is also reserved for determination by the secretary of state. The bill makes changes in the language of the relevant statute to correspond to the language in similar statutes governing other types of domestic or foreign business entities.
House subcommittee
Named January 30, 2025. On February 6, 2025 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Fiscal note
AI summary This bill allows the Secretary of State to set the filing fees for business corporation biennial reports instead of using a fixed $60 fee. It is estimated that this change will reduce revenue to the state's General Fund by approximately $1.8 million for fiscal year 2026 compared to fiscal year 2024 levels.3
Read the fiscal note
Description
House File 997 relates to filing fees for biennial reports set by the Secretary of State (SOS) as required to be filed by business corporations.
The Bill removes the biennial report filing fee of $60 under Iowa Code section 490.122(1)(ad), and instead allows the SOS to determine the biennial report filing fee.
Background
Under Iowa Code section 490.122, the biennial report filing fee for business corporations is statutorily fixed at $60. The first biennial report for business corporations is required to be delivered to the SOS between January 1 and April 1 of the first even-numbered year following the calendar year in which a domestic corporation was incorporated or a foreign corporation was registered to do business in the State of Iowa. Additional biennial reports must be filed between January 1 and April 1 of each even-numbered year and must contain information related to the two-year period preceding the calendar year in which the report is filed pursuant to Iowa Code section 490.1621. A business entity in the State of Iowa must file a biennial report. A business entity that must file a biennial report may be organized in one of the following forms:
- Uniform limited partnership pursuant to Iowa Code section 488.210.
- Uniform limited liability company pursuant to Iowa Code section 489.109.
- Business corporation pursuant to Iowa Code section 490.1621.
- Cooperative association pursuant to Iowa Code section 497.22, 499.49, and 501A.231.
- Nonprofit cooperative association pursuant to Iowa Code section 498.24.
- Closed cooperative pursuant to Iowa Code section 501.713.
- Revised Iowa nonprofit corporation pursuant to Iowa Code section 504.1613. Biennial reports are filed in even-numbered years only.
Assumptions
- In FY 2024, 58,588 business corporations filed a biennial report electronically and 860 filed a biennial report by paper.
- The SOS reported that biennial report filing fees will be set at $30 for electronic filings and $45 for paper filings.
- In FY 2024, total revenue from biennial report filings was approximately $4.0 million. Biennial report filing fees for business corporations accounted for approximately $3.6 million.
Fiscal Impact
House File 997 is estimated to reduce revenue from biennial report filing fees for business corporations to the General Fund by approximately $1.8 million for FY 2026 compared to FY 2024 levels.
Sources
- Secretary of State
- Legislative Services Agency
- Corporations, Biennial Report Fees · April 8, 2025
Iowa Code it changes
Lobbying
2 for · 0 against · 7 undecided · Who →
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91st General Assembly