Iowa SF2492 creates a state corporate income tax deduction for net controlled foreign corporation tested income, effective retroactively from January.

Iowa SF2492 amends the state corporate income tax code to allow a deduction for net controlled foreign corporation tested income (NCTI). This change corrects the previous reference to global intangible low-taxed income (GILTI) under section 951A of the Internal Revenue Code (IRC). The bill applies retroactively to tax years beginning on or after January 1, 2026, ensuring that businesses can benefit from the updated deduction in their tax filings.

Iowa SF2492 creates a state corporate income tax deduction for net controlled foreign corporation tested income, effective retroactively from January.

Iowa SF2492 amends the state corporate income tax code to allow a deduction for net controlled foreign corporation tested income (NCTI). This change corrects the previous reference to global intangible low-taxed income (GILTI) under section 951A of the Internal Revenue Code (IRC). The bill applies retroactively to tax years beginning on or after January 1, 2026, ensuring that businesses can benefit from the updated deduction in their tax filings.