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IA SF605
Bill
AI Summary
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Classifies all winnings from sports wagering authorized under Iowa Code chapter 99F as Iowa earned income subject to state and federal income tax laws
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Requires state income tax to be withheld from sports wagering winnings whenever federal income tax withholding is required on the same winnings under the Internal Revenue Code
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Maintains existing withholding thresholds for other gambling activities: $600 for chapter 99B or 99G activities, $1,000 for chapter 99D activities, and $1,200 for slot machine winnings
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Requires withheld state tax amounts to be remitted to the Iowa Department of Revenue on behalf of the winner
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Takes effect January 1, 2026
Legislative Description
A bill for an act relating to state income tax withholdings on winnings from sports wagering, and including effective date provisions. (Formerly SSB 1152.) Effective date: 01/01/2026.
Last Action
Signed by Governor. S.J. 668.
3/28/2025