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On May 11, 2023, Governor Kim Reynolds signed 2023 Iowa Acts, House File 352. The Iowa Department of Revenue has released new tax guidance to explain this tax change:
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Pass-Through Entity Tax (PTET)
House File 352 created a voluntary election for a partnership or S corporation to be subject to Iowa tax at the entity level. The legislation applies retroactively to tax years beginning on or after January 1, 2022. This guidance describes the new elective Pass-Through Entity Tax and certain filing procedures being developed to implement the tax.
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The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.
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