On May 11, 2023 Governor Reynolds signed House File 352 which creates a voluntary election for a partnership or S corporation to be subject to Iowa income tax at the entity level. The legislation applies retroactively to tax years beginning on or after January 1, 2022. The Department is in the process of reviewing this legislation and will release guidance soon.
The Department is asking for questions or comments about House File 352 to be sure future guidance is as useful as possible. Interested taxpayers or practitioners are strongly encouraged to submit any questions or comments using the Request for Tax Guidance webform on the Department's website. Every response will be reviewed and considered by the Department in preparing guidance, even if it does not result in a direct response.
Please submit your questions or comments by Wednesday, June 7, 2023.
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