Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.9 - 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
				437A7..
				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
				437A6.
				and
				437A7.
				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
				437A8(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
				437A4.
				to
				437A7.
				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
				437A4(7).
				and
				437A5(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
				437A16..
p. Records associated with allocation of
				property described in paragraph
"o"
above among local taxing
				districts.