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IA SF2470

Bill

Official Source

Status

Introduced

3/12/2026

Primary Sponsor

Ways & Means

Click for details

Origin

Senate

91st General Assembly

AI Summary

  • Requires designated contract markets (digital marketplaces for event-driven contracts regulated by the federal Commodity Futures Trading Commission) to obtain a state permit before conducting business in Iowa
  • Imposes a $10 million initial permit fee and $100,000 annual renewal fee, with all permits expiring June 30 each year
  • Establishes a tax on "adjusted revenues" from event-driven contracts, calculated as total charges and fees collected from traders minus payouts, multiplied by the percentage of traders located in Iowa
  • Defines event-driven contracts as binary payout financial derivatives based on outcomes of sporting events, elections, legislative actions, lotteries, and economic indicators
  • Excludes pari-mutuel wagering, fantasy sports contests, and sports wagering already authorized under existing Iowa law from the new regulatory framework

Legislative Description

A bill for an act 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, making adjustments to individual and corporate income taxes, providing for fees, and including applicability and retroactive applicability provisions.(Formerly SF 2085.)

Last Action

Committee report, approving bill. S.J. 563.

3/12/2026

Committee Referrals

Ways and Means3/12/2026

Full Bill Text

No bill text available