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IA SSB3105
SB
AI Summary
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Creates a state corporate income tax deduction for net controlled foreign corporation tested income (NCTI) under Internal Revenue Code section 951A
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Updates Iowa Code section 422.35(12) to remove the specific reference to global intangible low-taxed income (GILTI), which was replaced by NCTI under recent federal legislation
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Maintains the existing deduction structure but broadens it to apply to the new federal NCTI classification, which covers foreign income more broadly than the previous GILTI provision
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Applies retroactively to tax years beginning on or after January 1, 2026
Legislative Description
A bill for an act creating a state corporate income tax deduction for net controlled foreign corporation tested income, and including retroactive applicability provisions.(See SF 2292.)
Last Action
Committee report approving bill, renumbered as SF 2292.
2/11/2026