A bill for an act relating to the elimination of the individual income tax and alternate income tax by creating the taxpayer relief trust fund and income tax elimination board and fund, and making appropriations.

SSB 1239 proposes to eliminate Iowa's individual income tax and alternate income tax, affecting all individual taxpayers. It establishes a "taxpayer relief trust fund" and an "income tax elimination fund," along with an "income tax elimination board" to oversee this process. The bill mandates the transfer of state funds, including an initial $2.6 billion, into the taxpayer relief trust fund. These funds, to be administered by the Iowa Public Employees’ Retirement System (IPERS), are intended to generate investment returns to support the future elimination of the individual income tax.