Apportionment of airline and air freight forwarder income for Iowa corporate income tax purposes.

This bill concerns the apportionment of certain business income of an airline or a qualified air freight forwarder for purposes of Iowa corporate income tax. It specifies that an airline shall apportion its business income in the same manner as required under Iowa administrative code, rule 503.7(2). The bill also provides rules for apportioning income derived by a qualified air freight forwarder from transportation operations through an affiliated airline. The bill applies retroactively to tax years beginning on or after January 1, 2025.

Apportionment of airline and air freight forwarder income for Iowa corporate income tax purposes.

This bill concerns the apportionment of certain business income of an airline or a qualified air freight forwarder for purposes of Iowa corporate income tax. It specifies that an airline shall apportion its business income in the same manner as required under Iowa administrative code, rule 503.7(2). The bill also provides rules for apportioning income derived by a qualified air freight forwarder from transportation operations through an affiliated airline. The bill applies retroactively to tax years beginning on or after January 1, 2025.