Senate File 2492 - Enrolled Senate File 2492 AN ACT CREATING A STATE CORPORATE INCOME TAX DEDUCTION FOR NET CONTROLLED FOREIGN CORPORATION TESTED INCOME, AND INCLUDING RETROACTIVE APPLICABILITY PROVISIONS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: Section 1. Section 422.35, subsection 12, Code 2026, is amended to read as follows: 12. Subtract, to the extent included, global intangible low-taxed income under section 951A of the Internal Revenue Code.

Senate File 2492, p. 2 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies retroactively to January 1, 2026, for tax years beginning on or after that date. ______________________________ AMY SINCLAIR President of the Senate ______________________________ PAT GRASSLEY Speaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 2492, Ninety-first General Assembly. ______________________________ W. CHARLES SMITHSON Secretary of the Senate Approved _______________, 2026 ______________________________ KIM REYNOLDS Governor