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SF2470

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 or amounts traded, making adjustments to individual and corporate income taxes, providing for fees, and including contingent effective date, applicability, and retroactive applicability provisions. (Formerly SF 2085.)

Chamber Passed·3/31/26

Iowa SF2470 introduces a permit requirement for event-driven contracts, imposes a tax on adjusted revenues, and adjusts individual and corporate.

Iowa SF2470 mandates a permit for businesses trading event-driven contracts, which are financial derivatives tied to specific future events. The bill imposes a 20% tax on adjusted revenues from these contracts, defined as total charges and fees minus payouts. It also adjusts individual and corporate income taxes to exclude federal taxation under section 1256 of the Internal Revenue Code for event-driven contracts. The bill requires state income tax withholding on gains exceeding $600 from these contracts. Permits cost $10 million initially and $100,000 annually.

Included in complete analysis

  • Overview
  • Core Provisions
  • Implementation
  • Impact
  • Legal Framework
  • Critical Issues

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Where it stands

Last
Passed the Senate · 45–1 · Mar 31
Current
The House
Next
House floor vote

Sponsors

0
0
Democratic CaucusRepublican Caucus

Roll Call Votes

45 Yea

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1 Nay

R

4 Absent

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Calendar

Apr 15

12:00 PM

House Ways and Means Subcommittee

History

Apr 27

House

Subcommittee recommends passage.

Apr 23

House

Subcommittee reassigned: Johnson, C., Lundgren and Wessel-Kroeschell. H.J. 997.

Apr 23

House

Subcommittee Meeting: 04/27/2026 3:00PM House Lounge.