The Future of Iowa Foundation was formed in January, 2009, to assist ITA in generating quality research with regard to Iowa tax issues. ITA has a mission to promote economy, responsibility, and efficiency in government and reasonableness and equity in taxation. ITA also conducts lobbying activities designed to inform Iowans about sound fiscal policy; provides state policy makers with objective, nonpartisan research about the impact of specific tax and spending policies; and advocates for the adoption of rational public fiscal policy as it relates to business and corporate taxes.

Often ITA has been challenged in its ability to provide more comprehensive research because of staff and fiscal limitations despite the clear need for such nonpartisan information in Iowa. Thus, the Foundation was established to conduct and publish top-quality nonpartisan research designed to educate state government leaders and the general public on subjects useful to the individual and beneficial to the statewide community.