Iowa legislation · 91st General Assembly
Iowa HF56: A BILL FOR An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions
Status: In committee, February 27, 2025
An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions.
What the bill says
A bill FOR An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions.
From the introduced text, January 14, 2025:
A BILL FOR An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1093YH (2) jm/jh H.F. Section 1. Section 422.7, subsection 14, paragraph e, Code 2025, is amended by striking the paragraph and inserting in lieu thereof the following: e. Net income from a farm tenancy agreement earned, received, or reported by an entity taxed as a disregarded entity, partnership for federal tax purposes, an S corporation, a trust, or estate is eligible for the election and deduction in this subsection for the portion of net income derived from a farm tenancy agreement if the eligible individual receives or is entitled to receive the portion of net income through distributions from an entity taxed as a disregarded entity, a partnership, an S corporation, a trust, or an estate, to the same extent that an eligible individual could subtract net income received directly from the farm tenant rather than passing to the eligible individual through an entity taxed as a disregarded entity, a partnership, an S corporation, a trust, or an estate. For purposes of this paragraph, net income accruing to a grantor trust or to a business entity that is a disregarded …
Sponsors
- Bill Gustoff (R, 40) · primary sponsor
- Derek Wulf (R, 76)
- Jones, Megan (R, 6)
Latest actions
- : Withdrawn. H.J. 772 .
- : Committee report approving bill, renumbered as HF 624 .
- : Committee vote: Yeas, 24. Nays, 0. Excused, 1. H.J. 450 .
- : Committee report, recommending passage. H.J. 450 .
- : Subcommittee recommends passage.
- : Subcommittee Meeting: 01/29/2025 11:45AM House Lounge.
- : Subcommittee: Wulf, James and Jones. H.J. 122 .
- : Introduced, referred to Ways and Means. H.J. 46 .
Votes
- Committee report, recommending passage. H.J. 450 . (February 25, 2025): 24 yea, 0 nay, passed
Subjects: farming, leases, income taxes
Common questions
- What is HF56?
- HF56 is a bill in the Iowa Legislature (91st General Assembly): A BILL FOR An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions.
- What does HF56 do?
- In its own words: A bill FOR An Act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions.
- What is the status of HF56?
- In committee as of February 27, 2025. Latest action: Withdrawn. H.J. 772 . (March 21, 2025).
- Who sponsored HF56?
- Bill Gustoff (R, 40), with 2 co-sponsors.
- Where is the official record for HF56?
- On the Iowa Legislature website: https://www.legis.iowa.gov/legislation/BillBook?ba=HF+0056&ga=91
Source: official Iowa record. Tracked by Delilah, AI for legislation across all 50 states and Congress.