This bill introduces a new section to the Iowa tax code regarding the rounding of amounts on tax returns. It allows taxpayers to round amounts to the nearest whole dollar when completing their returns, provided that all amounts entered are rounded in the same manner. Additionally, if a taxpayer needs to calculate multiple figures together, they must include cents in the calculation but can round the final calculated amount to the nearest whole dollar before entering it on the return.

The bill is deemed to be of immediate importance and takes effect upon enactment. Furthermore, it has retroactive applicability, meaning it will apply to tax years beginning on or after January 1, 2025.