Iowa Administrative Code › Agency 701 - Revenue Department › Title II - Property Tax › Chapter 101 - Replacement Tax and Statewide Property Tax › Rule 701-101.9 - Taxpayers Required to Keep Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Records required. The records required in
				this rule must be made available for examination upon request by the director
				or the director's authorized representative. The records must include all of
				those which would support the entries required to be made on the tax return.
				These records include but are not limited to:
a. Records associated with the number of
				taxable kilowatt-hours of electricity delivered to consumers by the taxpayer
				within each electric competitive service area during the tax year. Such records
				shall also include those for calendar year 1998.
b. Records associated with the number of
				taxable kilowatt-hours of electricity consumed within each electric competitive
				service area during the tax year where the delivery of such electricity is not
				subject to the replacement delivery tax.
c. Records associated with the average
				centrally assessed property tax liability allocated to electric service of each
				taxpayer, other than a municipal utility, principally serving an electric
				competitive service area and of each generation and transmission electric
				cooperative for the assessment years 1993 through 1997. For municipal
				utilities, such records shall be for the 1997 assessment year and shall also
				include records associated with items in 1999 Iowa Acts, Senate File 473,
				section 30.
d. Records associated
				with the number of taxable kilowatt-hours of electricity generated within the
				state of Iowa during the tax year. Such records shall also include those for
				calendar year 1998.
e. Records
				associated with taxable pole miles of transmission lines owned or leased by the
				taxpayer for each of the line voltage tiers subject to tax imposed in Iowa Code
				section 437A.7. Such records shall also
				include those for calendar year 1998.
f. Records associated with the excess
				property tax liability of each generation and transmission electric cooperative
				assigned to the electric competitive service areas principally served on
				January 1, 1999, by its distribution electric cooperative members and by those
				municipal utilities which were purchasing members of a municipal electric
				cooperative association that is a member of the generation and transmission
				electric cooperative. Such records shall include those for calendar year 1998.
				"Excess property tax liability" means the amount by which the average centrally
				assessed property tax liability for the assessment years 1993 through 1997 of a
				generation and transmission electric cooperative exceeds the tentative
				generation and transmission taxes which would have been imposed on such
				generation and transmission electric cooperative under Iowa Code sections
				437A.6 and
				437A.7 for calendar year
				1998.
g. Records associated with
				the number of taxable therms of natural gas delivered to consumers by the
				taxpayer within each natural gas competitive service area during the tax year.
				Such records shall also include those for calendar year 1998.
h. Records associated with the number of
				taxable therms of natural gas consumed within each natural gas competitive
				service area during the tax year where the delivery of such natural gas is not
				subject to the replacement delivery tax.
i. Records associated with the average
				centrally assessed property tax liability allocated to natural gas service of
				each taxpayer, other than a municipal utility, principally serving a natural
				gas competitive service area for the assessment years 1993 through 1997. For
				municipal utilities, such records shall be for the 1997 assessment year and
				shall also include records associated with items in 1999 Iowa Acts, Senate File
				473, section 30.
j. Records
				associated with the taxpayer's calculation of the tentative replacement taxes
				due for the tax year and required to be shown on the tax return.
k. Records associated with increases or
				decreases in the tentative replacement tax required to be shown to be due where
				the electric and natural gas delivery tax rates are subject to recalculation
				under the provisions of Iowa Code section
				437A.8(7).
l. Records associated with the kilowatt-hours
				of electricity and the therms of natural gas entitled to be exempted from the
				taxes imposed by Iowa Code sections
				437A.4 to
				437A.7 by the enumerated
				exemptions therein.
m. Records
				associated with kilowatt-hours of electricity and therms of natural gas
				delivered in a manner set forth in Iowa Code sections
				437A.4(7)  and
				437A.5(6).
n. All work papers
				associated with any of the records described in this rule.
o. Records pertaining to any additions or
				deletions of property described as exempt from local property tax in Iowa Code
				section 437A.16.
p. Records associated with allocation of
				property described in paragraph
"o"
above among local taxing
				districts.