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HF 997 – Corporations, Biennial Report Fees (LSB1421HZ)
Staff Contact: Joey Lovan (515.242.5925) joey.lovan@legis.iowa.gov
Fiscal Note Version – New
Description
House File 997 relates to filing fees for biennial reports set by the Secretary of State (SOS) as
required to be filed by business corporations.
The Bill removes the biennial report filing fee of $60 under Iowa Code section 490.122(1)(ad),
and instead allows the SOS to determine the biennial report filing fee.
Background
Under Iowa Code section 490.122, the biennial report filing fee for business corporations is
statutorily fixed at $60. The first biennial report for business corporations is required to be
delivered to the SOS between January 1 and April 1 of the first even-numbered year following
the calendar year in which a domestic corporation was incorporated or a foreign corporation
was registered to do business in the State of Iowa. Additional biennial reports must be filed
between January 1 and April 1 of each even-numbered year and must contain information
related to the two-year period preceding the calendar year in which the report is filed pursuant to
Iowa Code section 490.1621. A business entity in the State of Iowa must file a biennial report.
A business entity that must file a biennial report may be organized in one of the following forms:
• Uniform limited partnership pursuant to Iowa Code section 488.210.
• Uniform limited liability company pursuant to Iowa Code section 489.109.
• Business corporation pursuant to Iowa Code section 490.1621.
• Cooperative association pursuant to Iowa Code section 497.22, 499.49, and 501A.231.
• Nonprofit cooperative association pursuant to Iowa Code section 498.24.
• Closed cooperative pursuant to Iowa Code section 501.713.
• Revised Iowa nonprofit corporation pursuant to Iowa Code section 504.1613.
Biennial reports are filed in even-numbered years only.
Assumptions
• In FY 2024, 58,588 business corporations filed a biennial report electronically and 860 filed
a biennial report by paper.
• The SOS reported that biennial report filing fees will be set at $30 for electronic filings and
$45 for paper filings.
• In FY 2024, total revenue from biennial report filings was approximately $4.0 million.
Biennial report filing fees for business corporations accounted for approximately $3.6 million.
Fiscal Impact
House File 997 is estimated to reduce revenue from biennial report filing fees for business
corporations to the General Fund by approximately $1.8 million for FY 2026 compared to
FY 2024 levels.
Fiscal Note
Fiscal Services Division 2
Sources
Secretary of State
Legislative Services Agency
/s/ Jennifer Acton
April 8, 2025
Doc ID 1525843
The fiscal note for this Bill was prepared pursuant to Joint Rule 17 and the Iowa Code. Data used in developing this
fiscal note is available from the Fiscal Services Division of the Legislative Services Agency upon request.
www.legis.iowa.gov