The Iowa Governor signed a law that includes: 1) replacing global intangible low-taxed income (GILTI) with net controlled foreign corporation tested income (NCTI) to create a state corporate income tax deduction for NCTI; and 2) providing for retroactive applicability for taxable years beginning on or after Jan. 1. The law takes effect on July 1. [S.F. 2492, enacted 05/15/26]
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