reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.19 - Deduction of Multipurpose Vehicle Registration Fee

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years beginning on or after January 1, 1992, and
				  before January 1, 2005, corporations may claim a deduction for 60 percent of
				  the amount of the registration fee paid for a multipurpose vehicle under Iowa
				  Code section
				  321124.,
				  subsection 3, paragraph
"h. "
In order to qualify for this
				  deduction, no part of the multipurpose vehicle registration fee may have been
				  deducted as an ordinary and necessary business expense.
For tax years beginning on or after January 1, 2005, the
				  deduction for Iowa franchise tax for multipurpose vehicle registration fees is
				  the same as allowed under Section 164 of the Internal Revenue Code for federal
				  tax purposes.
This rule is intended to implement Iowa Code section
				  42235..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.21 - S Corporation and Limited Liability Company Financial Institutions

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years beginning on or after January 1, 1997, a
				  financial institution as defined in Section 581 of the Internal Revenue Code
				  which has in effect an election under Subchapter S of the Internal Revenue Code
				  must compute an amount of income as if the financial institution were subject
				  to federal corporation income tax. For tax years beginning on or after July
				  1,2004, a financial institution organized as a limited liability company under
				  Iowa Code chapter 524 that is taxed as a partnership for federal income tax
				  purposes must compute an amount of income as if the financial institution were
				  subject to federal corporation income tax. The income is to be computed in the
				  same manner as a financial institution that is subject to or liable for federal
				  income tax under the Internal Revenue Code in effect for the applicable tax
				  would compute its federal taxable income.
This rule is intended to implement Iowa Code section
				  42261. as amended by
				  2004 Iowa Acts, House File 2484.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.22 - Deduction for Contributions Made to the Endowment Fund of the Iowa Educational Savings Plan Trust

Current through Register Vol. 47, No. 3, July 24, 2024
To the extent that the contribution was not deductible for
				  federal income tax purposes, any gift, grant, or donation to the endowment fund
				  of the Iowa educational savings plan trust may be deducted for Iowa franchise
				  tax purposes. The contribution must be made on or after July 1, 1998, but
				  before April 15, 2004. Effective April 15, 2004, the deduction for
				  contributions made to the endowment fund is repealed.
This rule is intended to implement Iowa Code sections
				  42235.
				  as amended by 1998 Iowa Acts, House File 2119, and 422.61.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.25 - Basis of Franchise Tax

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section
				  42260.
				  imposes a franchise tax on financial institutions (as defined in 701-subrule
				  57.1(2)) for the privilege of doing business within the state. The tax is
				  measured by net income. For financial institutions subject to the tax, the tax
				  is levied and collected only on income which may accrue or be recognized to the
				  financial institutions from business done or carried on in the state plus net
				  income from certain sources without the state which by rule follows the
				  commercial domicile of the financial institution.
If a financial institution carries on business entirely
				  within the state of Iowa, no allocation or apportionment of its income may be
				  made. The financial institution will be presumed to be carrying on its business
				  entirely within the state of Iowa if its activities are carried on only within
				  Iowa, even though it receives income from sources outside the state in the form
				  of interest, dividends, royalties, and other sources of income from
				  intangibles.
(1)
Definition
-
doing business.
The term "doing
				business" is used in a comprehensive sense and includes all activities or any
				transactions for the purpose of financial or pecuniary gain or profit.
				Irrespective of the nature of its activities, every financial institution
				organized for profit and carrying out any of the purposes of its organization
				shall be deemed to be "doing business." In determining whether a financial
				institution is doing business, it is immaterial whether its activities actually
				result in a profit or loss.
(2)
Definition
-
carrying on business partly within and
				partly without the state.
"Carrying on business partly within and
				partly without the state" means having business activities in at least one
				other state sufficient to meet the minimum constitutional standards for doing
				business in a state under the due process and commerce clauses of the United
				States Constitution. The determination of whether a financial institution is
				carrying on business partly within and partly without the state must be made on
				a tax-year-by-tax-year basis. The activities of past or future years have no
				bearing on the current year.
The following nonexclusive activities if done on a regular
				  and continuing basis by financial institution officers or employees in at least
				  one other state would constitute the minimum activities which would meet the
				  constitutional standards for doing business in a state under the due process
				  and commerce clauses of the United States Constitution:
a. Solicitation of loans by traveling loan
				officers.
b. Collection of overdue
				accounts.
c. Any other activities
				carried on in advancement, promotion, or fulfillment of the business of the
				financial institution.
This rule is intended to implement Iowa Code sections 422.60
				  and 422.63.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.27 - Net Gains and Losses From the Sale of Assets

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of administration of this rule, a capital gain
				  or loss shall mean the sale price or value at the time of disposal of an asset
				  less the adjusted basis, whether reportable as short-term or long-term capital
				  gain or ordinary income for federal income tax purposes.
(1) Gain or loss from the sale, exchange, or
				other disposition of real or tangible or intangible personal property, if the
				property while owned by the taxpayer was used in the taxpayer's trade or
				business, shall be apportioned by the business activity ratio applicable to the
				year the gain or loss is reported on the federal income tax return and may at
				the taxpayer's election be included in the computation of the business activity
				ratio as follows:
a. Gain from the sale,
				exchange, or other disposition of real property shall be included in the
				numerator if the property is located in this state.
b. Gain from the sale, exchange, or other
				disposition of tangible personal property shall be included in the numerator
				if:
(1) The property has a situs in this
				state at the time of sale; or
(2)
				The taxpayer's commercial domicile is in this state and the taxpayer is not
				taxable in the state in which the property had a situs.
c. Gains from the sale, exchange, or other
				disposition of intangible personal property shall be included in the numerator
				if the taxpayer's commercial domicile is in this state.
d. All gains shall be included in the
				denominator of the activity ratio.
A taxpayer cannot elect to exclude or include gains or loss
				  from the sale of assets where the election would result in an understatement of
				  income reasonably attributable to Iowa. Noninclusive examples of gains or loss
				  from the sale, exchange or other disposition of real or tangible or intangible
				  property which may not be included in the computation of the business activity
				  ratio because to do so would result in an understatement of net income
				  reasonably attributable to Iowa are the gain recognized under an election
				  pursuant to Section 338 of the Internal Revenue Code or gain recognized under
				  Section 631(a) of the Internal Revenue Code.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.30 - Broadband Infrastructure Grant Exemption

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Broadband infrastructure grant
				exemption, generally.
For tax years beginning on or after January 1,
				2019, certain qualifying communications service providers may subtract, to the
				extent included in income, the amount of qualifying government grants used to
				install broadband infrastructure that facilitates broadband service in targeted
				service areas at or above download and upload speeds identified by the Federal
				Communications Commission pursuant to Section 706 of the federal
				Telecommunications Act of 1996, as amended. This rule explains terms not
				defined in Iowa Code section
				422.35.
(2)
Definitions.
"Facilitate"
shall have the same meaning as
				  defined in Iowa Code section
				  8B.1.
"Grant"
means a transfer for a governmental
				  purpose of money or property to a transferee that is not a related party to or
				  an agent of the transferor. The transfer must not impose any obligation or
				  condition to directly or indirectly repay any amount to the transferor or a
				  related party. Obligations or conditions intended solely to assure expenditure
				  of the transferred moneys in accordance with the governmental purpose of the
				  transfer do not prevent a transfer from being a grant.
1. "Federal grant" means any grant issued by
				the United States government, including any agency or instrumentality
				thereof.
2. "State grant" means any
				grant issued by any state of the United States, the District of Columbia, or a
				territory or possession of the United States, including any agency or
				instrumentality thereof.
3. "Local
				grant" means any grant issued by any city, county, township, school district,
				or any other unit of local government, including any agency or instrumentality
				thereof.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.32 - Covid-19 Grant Exclusion

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Definitions.
For purposes of this rule:
"Administering agency"
means the economic
				  development authority, the Iowa finance authority, or the department of
				  agriculture and land stewardship.
"Grant recipient"
means a person who applies
				  for and is issued a qualifying COVID-19 grant by an administering
				  agency.
"Issued"
means the approval of the grant
				  recipient's application and amount for a qualifying COVID-19 grant by an
				  administering agency, regardless of when the grant funds were paid by the
				  administering agency.
(2)
Qualifying COVID-19 grant programs.
a. The department is responsible for
				determining whether a grant program provides "qualifying COVID-19 grants" as
				defined in Iowa Code section
				422.7(62)
				 as amended by 2021 Iowa Acts, Senate File
				619, section 5. In making this determination, and for purposes of the
				definition of "qualifying COVID-19 grant," a grant program is "created to
				primarily provide COVID-19 related financial assistance to economically
				impacted individuals and businesses located in this state" if that grant
				program, at the time of its inception, was intended by the administering agency
				to provide a majority (more than 50 percent) of its financial assistance to or
				for the benefit of businesses that are doing business in Iowa or are deriving
				income from sources within Iowa, and that are economically affected by the
				COVID-19 pandemic.
b. The
				administering agency shall notify the director of the existence of any grant
				program it believes may be a qualifying COVID-19 grant program. Upon such
				notification, the department will request from the administering agency the
				information necessary to determine whether that program is a qualifying
				COVID-19 grant as defined in Iowa Code section
				422.7(62)
				 as amended by 2021 Iowa Acts, Senate File
				619, section 5, and this rule. The administering agency shall provide the
				department with the requested information within the time frame prescribed by
				the department in its request. Failure to provide the requested information to
				the department shall prevent the department from determining that the grant
				program is a qualifying COVID-19 grant. Grant programs not specifically listed
				below in paragraph 59.32(2)
"c"
are not qualifying COVID-19
				grants and are not eligible for the exclusion provided in this rule, even if
				that program may otherwise meet the definition of "qualifying COVID-19 grant"
				in Iowa Code section
				422.7(62)
				 as amended by 2021 Iowa Acts, Senate File
				619, section 5.
c. For an
				exhaustive list of programs that have been identified by the department as
				qualifying COVID-19 grants, including a general description of each program's
				grant recipients, that may qualify for the exclusion from Iowa net income under
				subrule 59.32(3), see 701-paragraph
				53.30(2)
"c."
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 60 - Assessments, Refunds, Appeals › Rule 701-60.1 - Notice of Discrepancies

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Notice of adjustment.
An employee of the department,
				designated by the director to examine returns and make audits, who discovers
				discrepancies in returns or learns that the income of the taxpayer may not have
				been listed, in whole or in part, or that no return was filed when one was due,
				is authorized to notify the taxpayer of the discovery by ordinary mail. The
				notice shall not be termed an assessment, and it may inform the taxpayer of the
				amount due if the information discovered is correct.
(2)
Right of taxpayer upon receipt of
				notice of adjustment.
A taxpayer who has received notice of an
				adjustment in connection with a return may pay the additional amount stated to
				be due. If payment is made, and the taxpayer wishes to contest the matter, the
				taxpayer should then file claim for refund. However, payment will not be
				required until assessment has been made (although interest will continue to
				accrue if payment is not made). If no payment is made, the taxpayer may discuss
				with the employee who notified the taxpayer of the discrepancy, either in
				person or through correspondence, all matters of fact and law which the
				taxpayer considers relevant to the situation. Documents and records supporting
				the taxpayer's position may be required.
This rule is intended to implement Iowa Code sections 422.25,
				  422.28 and 422.66.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 60 - Assessments, Refunds, Appeals › Rule 701-60.2 - Notice of Assessment

Current through Register Vol. 47, No. 3, July 24, 2024
If after following the procedure outlined in subrule 60.1(2)
				  no agreement is reached, and the taxpayer does not pay the amount determined to
				  be correct, a notice of assessment shall be sent to the taxpayer by mail. If
				  the period in which the correct amount of tax can be determined is nearly at an
				  end, either a notice of assessment, without compliance with subrules 60.1(1)
				  and 60.1(2), or a jeopardy assessment may be issued. All notices of assessment
				  shall bear the signature of the director
This rule is intended to implement Iowa Code sections
				  42225.,
				  42230. and
				  42266..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 60 - Assessments, Refunds, Appeals › Rule 701-60.3 - Refund of Overpaid Tax

Current through Register Vol. 47, No. 3, July 24, 2024
The following are provisions for refunding or crediting to
				  the taxpayer deposits or payments for tax in excess of amounts legally
				  due.
(1) A claim for refund of
				franchise tax may be made on a form obtainable from the department. Claims for
				refund should not be mailed in the same envelope or attached to the return. In
				the case of a claim filed by an agent of the taxpayer, a power of attorney must
				accompany the claim.
(2) A
				franchise taxpayer shall not offset a refund or overpayment of tax for one year
				as a prior payment of tax of a subsequent year on the return of a subsequent
				year without authorization in writing by the department. The department may,
				however, apply an overpayment, or a refund otherwise due the taxpayer, to any
				tax due or to become due from the taxpayer.
(3) When an overpayment of estimated tax is
				indicated on the face of the return, the overpayment will ordinarily be
				refunded to the taxpayer by the department without the filing of a formal claim
				for refund. If a refund of the indicated overpayment is not received within a
				reasonable period of time, a claim for refund may be filed by the taxpayer on
				an official form obtainable from the Taxpayer Services Section, Iowa Department
				of Revenue, P.O. Box 10457, Des Moines, Iowa 50306.
If an overpayment of income tax is claimed as a credit
				  against estimated tax for the succeeding taxable year, such amount shall be
				  considered as a payment of the income tax for the succeeding taxable year and
				  no claim for credit or refund shall be allowed.
When a taxpayer elects to have an overpayment credited to
				  estimated tax for the succeeding year, interest may be properly assessed on a
				  deficiency of income tax for the year in which the overpayment arose. If a
				  taxpayer elects to have all or part of an overpayment shown on the return
				  applied to the estimated income tax for the succeeding taxable year or
				  refunded, the election is binding to the taxpayer.
An overpayment of tax may be used to offset any outstanding
				  tax liability owed by the taxpayer, but once an elected amount is credited as a
				  payment of estimated tax for the succeeding year, it loses its character as an
				  overpayment for the year in which it arose and thereafter cannot offset any
				  subsequently determined tax liability.
(4) Rescinded IAB 11/24/04, effective
				12/29/04.
(5) Refunds-statute of
				limitations for tax years ending after January 1, 1979. The statute of
				limitations with respect to which refunds or credits may be claimed is:
a. The later of:
(1) Three years after the due date of payment
				upon which refund or credit is claimed; or
(2) One year after which such payment was
				actually made.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 60 - Assessments, Refunds, Appeals › Rule 701-60.4 - Abatement of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
For notices of assessment issued on or after January 1, 1995,
				  if the statutory period for appeal has expired, the director may abate any
				  portion of unpaid tax, penalties or interest which the director determines to
				  be erroneous, illegal, or excessive. See rule
				  701-731.
				  (421) for procedures on requesting abatement of tax.
This rule is intended to implement Iowa Code section
				  42160..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 60 - Assessments, Refunds, Appeals › Rule 701-60.5 - Protests

Current through Register Vol. 47, No. 3, July 24, 2024
A taxpayer may appeal to the director at any time within 60
				  days from the date of the notice of the assessment of tax, additional tax,
				  interest or penalties. For assessments issued on or after January 1, 1995, if a
				  taxpayer failed to timely appeal a notice of assessment, the taxpayer may pay
				  the entire assessment and file a refund claim within the period provided by law
				  for filing such claims. In addition, a taxpayer may appeal to the director at
				  any time within 60 days from the date of notice from the department denying
				  changes in filing methods, denying refund claims, or denying portions of refund
				  claims.
This rule is intended to implement Iowa Code sections
				  42110.,
				  42160.
				  and
				  42228..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 61 - Estimated Tax for Financial Institutions › Rule 701-61.1 - Who Must Pay Estimated Tax

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General rule.
Every corporate taxpayer subject to the
				franchise tax on financial institutions shall pay estimated tax if the amount
				of tax payable, less credits, can reasonably be expected to be more than $1000
				for the calendar or fiscal year The amount of estimated tax paid shall be used
				as a credit on the Iowa franchise tax return.
(2)
Definition.
For purposes
				of this division, "estimated tax" means the amount which the taxpayer estimates
				to be the tax due and payable under division V of Iowa Code chapter 422.
This rule is intended to implement Iowa Code section 422.85
				  as amended by 1989 Iowa Acts, Senate File 154.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 61 - Estimated Tax for Financial Institutions › Rule 701-61.2 - Time for Filing and Payment of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Time for filing.
a.
General rule.
The date for filing the first estimated tax payment is
				on or before the last day of the fourth month of the tax year. The estimated
				tax form is to be filed with the Franchise Estimate Processing, P.O. Box 10413,
				Des Moines, Iowa 50306.
b.
Amended estimates.
Generally, whenever a taxpayer who is
				required to make estimated tax payments has reason to believe that its Iowa
				franchise tax may increase or decrease, an amended estimate shall be filed at
				such time to reflect the increase or decrease in estimated Iowa franchise tax.
				The amended estimate shall be made on or before the next installment date. The
				unpaid balance after amending the estimate should be paid in equal installments
				on the remaining payment dates.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 61 - Estimated Tax for Financial Institutions › Rule 701-61.4 - Reporting Forms

Current through Register Vol. 47, No. 3, July 24, 2024
Financial institutions which have paid estimated tax in the
				  prior year will receive by mail a preaddressed reporting form. Blank reporting
				  forms are available from the department for those making an estimate for the
				  first time, or when the preaddressed form is misplaced or lost.
This rule is intended to implement Iowa Code section
				  42221..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 61 - Estimated Tax for Financial Institutions › Rule 701-61.5 - Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
Failure to file and underpayment of estimated tax.
(1)
Underpayment penalty.
a. A penalty is imposed for underpayment of
				the estimated tax by the taxpayer. This underpayment penalty is imposed whether
				or not there was reasonable cause for the underpayment. The Iowa penalty for
				underpayment of estimated tax is computed on Form IA 2220.
b. The amount of the underpayment penalty is
				determined at the statutory rate upon the amount of underpayment of the
				estimated tax for the period from the date the amount is required to be paid
				until the last day of the fourth month following the close of the income year,
				or the date the underpayment is paid, whichever is earlier.
EXAMPLE. A calendar year financial institution is required to
				  make four equal estimated payments of $2,500 in the current year to meet the
				  exception to the underpayment of estimated tax penalty. The financial
				  institution does not make a first quarter estimated payment which was due on
				  April 30, but makes an estimated payment of $5,000 for the second quarter on
				  June 30. The financial institution is subject to the underpayment of estimated
				  tax penalty for the period from April 30 to June 30, when the underpayment was
				  paid.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.1 - Who Must File Return

Current through Register Vol. 47, No. 3, July 24, 2024
Each taxpayer, as defined in Iowa Code Supplement section
				  437A3(30)., shall
				  file a true and accurate return with the director The return shall include all
				  of the information prescribed in Iowa Code sections
				  437A8(1).
				  "a" through '/" and any other information or schedules requested by the
				  director The return shall be signed by an officer or other person duly
				  authorized by the taxpayer and must be certified as correct. If the taxpayer
				  was inactive or ceased the conduct of any activity subject to the replacement
				  tax during the tax year, the return must contain a statement to that
				  effect.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.2 - Time and Place for Filing Return

Current through Register Vol. 47, No. 3, July 24, 2024
The return must be filed with the director on or before March
				  31 following the tax year. There is no authority for the director to grant an
				  extension of time to file a return. Therefore, any return which is not filed on
				  or before March 31 following the tax year is untimely.
A taxpayer whose replacement tax liability before credits is
				  $300 or less is not required to file a return. A taxpayer should not file a
				  replacement tax return under such circumstances.
When the due date falls on a Saturday, Sunday, or holiday,
				  the return will be due the following day that is not a Saturday, Sunday, or
				  holiday. If a return is placed in the mail, properly addressed and postage paid
				  in ample time to reach the director or the department on or before the due date
				  for filing, no penalty will attach should the return not be received until
				  after that date. The functional meaning of this requirement is that if the
				  return is placed in the mail, properly addressed and postage paid, on or before
				  the due date for filing, no penalty will attach. Mailed returns should be
				  addressed to Department of Revenue, Attention: Local Government Services,
				  Hoover State Office Building, Des Moines, Iowa 50319.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.3 - Form for Filing

Current through Register Vol. 47, No. 3, July 24, 2024
Returns must be made by taxpayers on forms supplied by the
				  department. Taxpayers not supplied with the proper forms shall make application
				  for same to the department in ample time to have their returns made, verified
				  and filed on or before the due date. Each taxpayer shall carefully prepare the
				  taxpayer's return so as to fully and clearly set forth the data required. All
				  information shall be supplied and each direction complied with in the same
				  manner as if the forms were embodied in these rules.
Failure to receive the proper forms does not relieve the
				  taxpayer from the obligation of making the replacement tax return.
Returns received which are not completed, but merely state
				  "see schedule attached," "no tax due," or some other conclusionary statement
				  are not considered to be a properly filed return and may be returned to the
				  taxpayer for proper completion. This may result in the imposition of penalties
				  and interest due to the return's being filed after the due
				  date.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.4 - Payment of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
Payment of tax shall not accompany the filing of the
				  replacement tax return with the director Payment of tax shall never be made to
				  the director or the state of Iowa. Payment of the proper amount of tax due
				  shall be made to the appropriate county treasurer upon notification by the
				  county treasurer to the taxpayer of the taxpayer's replacement tax
				  obligation.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.5 - Statute of Limitations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				director has three years after a return is filed to determine the tax due if
				the return is found to be incorrect and to give notice to the taxpayer of the
				determination. This three-year statute of limitations does not apply in the
				instances specified in 70.5(2).
(2)
				If a taxpayer files a false or fraudulent return with the intent to evade any
				tax, the correct amount of tax due may be determined by the director at any
				time after the return has been filed.
(3) If a taxpayer fails to file a return, the
				three-year period of limitations does not begin to run until the return is
				filed with the director
(4) Waiver
				of statute of limitations. The department and the taxpayer may extend the
				three-year period of limitations provided in 70.5(1) above by signing a waiver
				agreement form provided by the department. The agreement shall designate the
				period of extension and the tax year for which the extension applies. The
				agreement shall provide that the taxpayer may file a claim for refund of
				replacement tax at any time prior to the expiration of the agreement.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.6 - Billings

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Notice
				of adjustments.
a. An agent,
				auditor, clerk, or employee of the department, designated by the director to
				examine returns and make audits, who discovers discrepancies in returns or
				learns that items subject to tax may not have been listed or included as
				taxable, in whole or in part, or that no return was filed when one was due, is
				authorized to notify the person of this discovery by ordinary mail. This notice
				is not an assessment. It informs the person what amount would be due if the
				information discovered is correct. A copy of such notice shall also be sent to
				the appropriate county treasurer.
b. Right of person upon receipt of notice of
				adjustment. A person who has received notice of an adjustment in connection
				with a return may pay the additional amount stated to be due to the appropriate
				county treasurer. If payment is made, and the person wishes to contest the
				matter, the person should file a timely claim for refund. However, payment will
				not be required until an assessment has been made (although interest will
				continue to accrue if timely payment is not made). If no payment has been made,
				the person may discuss with the agent, auditor, clerk, or employee who notified
				the person of the discrepancy, either in person or through correspondence, all
				matters of fact and law which may be relevant to the situation. This person may
				also ask for a conference with the Department of Revenue, Local Government
				Services, Hoover State Office Building, Des Moines, Iowa. Documents and records
				supporting the person's position may be required.
c. Power of agent, auditor, or employee to
				compromise tax claim. No employee of the department has the power to compromise
				any tax claims. The power of the agent, auditor, clerk, or employee who
				notified the person of the discrepancy is limited to the determination of the
				correct amount of tax.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.7 - Refunds

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A claim for
				refund of replacement tax may be made on a form obtainable from the department.
				All claims for refund should be filed with the director, and not with the
				county treasurer. In the case of a refund claim filed by an agent or
				representative of the taxpayer, a power of attorney must accompany the claim.
				All claims for refund must be in writing.
(2) A taxpayer shall not offset a refund or
				overpayment of tax for one tax year as a prior payment of tax of a subsequent
				tax year on the tax return of a subsequent year unless the provisions of Iowa
				Code section
				437A8(7).
				are applicable.
(3) Refunds-statute
				of limitations. The statute of limitations with respect to which refunds or
				credits may be claimed are:
a. The later of
				three years after the due date of the tax payment upon which the refund or
				credit is claimed; or one year after which such payment was actually
				made.
b. Ninety days after the due
				date of the tax payment upon which refund or credit is claimed if the tax is
				alleged to be unconstitutional.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.8 - Abatement of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
The provisions of rule
				  701-731.
				  (421) are applicable to replacement tax. In the event that the taxpayer files a
				  request for abatement with the director, the appropriate county treasurer shall
				  be notified. The director's decision on the abatement request shall be sent to
				  the taxpayer and the appropriate county treasurer
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.10 - Credentials

Current through Register Vol. 47, No. 3, July 24, 2024
Employees of the department have official credentials, and
				  the taxpayer should require proof of the identity of persons claiming to
				  represent the department. No charges shall be made nor gratuities of any kind
				  accepted by an employee of the department for assistance given in or out of the
				  office of the department.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.11 - Audit of Records

Current through Register Vol. 47, No. 3, July 24, 2024
The director or the director's authorized representative
				  shall have the right to examine or cause to be examined the books, papers,
				  records, memoranda or documents of a taxpayer for the purpose of verifying the
				  correctness of a tax return filed, of information presented, or for estimating
				  the tax liability of a taxpayer When a taxpayer fails or refuses to produce the
				  records for examination upon request, the director shall have authority to
				  require, by a subpoena, the attendance of the taxpayer and any other
				  witness(es) whom the director deems necessary or expedient to examine and
				  compel the taxpayer and witness(es) to produce books, papers, records,
				  memoranda or documents relating in any manner to the replacement
				  tax.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.13 - Information Confidential

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code subsections
				  437A14(2)
				  and (3). apply generally to the director, deputies,
				  auditors, and present or former officers and employees of the department.
				  Disclosure of the kilowatt-hours of electricity or therms of natural gas
				  delivered by a taxpayer in a competitive service area disclosed on a tax
				  return, return information, or investigative or audit information is
				  prohibited. Other persons having acquired this confidential information will be
				  bound by the same rules of secrecy under these Iowa Code provisions as any
				  member of the department and will be subject to the same penalties for
				  violations as provided by law.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.14 - Who Must File Return

Current through Register Vol. 47, No. 3, July 24, 2024
Each taxpayer shall file a true and accurate return with the
				  director The return shall include all of the information prescribed in Iowa
				  Code section
				  437A21.
				  and any other information or schedules requested by the director The return
				  shall be signed by an officer or other person duly authorized by the taxpayer
				  and must be certified as correct. If the taxpayer was inactive or ceased the
				  conduct of any activity for which the taxpayer's property was subject to the
				  statewide property tax during the tax year, the return must contain a statement
				  to that effect.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.15 - Time and Place for Filing Return

Current through Register Vol. 47, No. 3, July 24, 2024
The return must be filed with the director on or before March
				  31 following the tax year. There is no authority for the director to grant an
				  extension of time to file a return. Therefore, any return which is not filed on
				  or before March 31 following the tax year is untimely.
When the due date falls on a Saturday, Sunday, or holiday,
				  the return will be due the following day that is not a Saturday, Sunday, or
				  holiday. If a return is placed in the mail, properly addressed and postage paid
				  in ample time to reach the director or the department on or before the due date
				  for filing, no penalty will attach should the return not be received until
				  after that date. The functional meaning of this requirement is that if the
				  return is placed in the mail, properly addressed and postage paid, on or before
				  the due date for filing, no penalty will attach. Mailed returns should be
				  addressed to Department of Revenue, Attention: Local Government Services,
				  Hoover State Office Building, Des Moines, Iowa 50319.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.17 - Payment of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
Payment of the tax required to be shown due on the statewide
				  property tax return shall accompany the filing of the return. All checks shall
				  be made payable to the Iowa Department of Revenue. Failure to pay the tax
				  required to be shown due on the tax return by the due date shall render the tax
				  delinquent.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.19 - Billings

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Notice
				of adjustments.
Replacement tax subrule 70.6(1) is incorporated herein
				by reference.
(2)
Notice of
				assessment.
If, after following the procedure outlined in 70.6(1)
"b,"
no agreement is reached and the person does not pay the
				amount determined to be correct to the director, a notice of the amount of tax
				due shall be sent to the taxpayer This notice of assessment shall bear the
				signature of the director and will be sent by ordinary mail to the taxpayer
A taxpayer has 60 days from the date of the notice of
				  assessment to file a protest according to the provisions of rule
				  701-78. (17A) or, if the
				  taxpayer fails to timely appeal a notice of assessment, the taxpayer may make
				  payment pursuant to rule
				  701-78. (17A) to the
				  director and file a refund claim with the director within the applicable period
				  provided in Iowa Code sections
				  437A22. and
				  437A. 14(1)
"b"
for filing such claims.
(3)
Supplemental
				assessments.
Replacement tax subrule 70.6(3) is incorporated by
				reference.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.20 - Refunds

Current through Register Vol. 47, No. 3, July 24, 2024
Replacement tax subrules 70.7(1) to 70.7(3), 70.7(5) and
				  70.7(7) are incorporated herein by reference.
No credit or refund of taxes alleged to be unconstitutional
				  shall be allowed if such taxes were not paid under written protest which
				  specifies the particulars of the alleged unconstitutionality.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 70 - Replacement Tax and Statewide Property Tax › Rule 701-70.22 - 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 assessed value
				and base year assessed value of property subject to the statewide property
				tax.
b. Records associated with the
				computation of the statewide property tax required to be shown due on the tax
				return.
c. Records associated with
				the book value of the local amount of any major addition by local taxing
				district.
d. Records associated
				with the book value of the statewide amount of any major addition.
e. Records associated with the transfer or
				disposal of all operating property in the preceding calendar year, by local
				taxing district.
f. Records
				associated with the book value of all other taxpayer property subject to the
				statewide property tax.
g. Records
				associated with the book value of any major addition, by situs, eligible for
				the urban revitalization exemption provided for in Iowa Code chapter
				404.
h. All work papers associated
				with any of the records described in this rule.
i. Records associated with allocation of
				property subject to statewide property tax among local taxing
				districts.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 71 - Assessment Practices and Equalization › Rule 701-71.2 - Assessment and Valuation of Real Estate

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Responsibility of
				assessor.
The valuation of real estate as established by city and
				county assessors shall be the actual value of the real estate as of January 1
				of the year in which the assessment is made. New parcels of real estate created
				by the division of existing parcels of real estate shall be assessed separately
				as of January 1 of the year following the division of the existing parcel of
				real estate.
(2)
Responsibility of other assessing officials.
Whenever local
				boards of review, county auditors, and county treasurers exercise assessment
				functions allowed or required by law, they shall follow the provisions of
				subrule 71.2(1) and rules 71.3(421,428,441) to 71.7(421,427A,428,441). This
				rule is intended to implement Iowa Code sections
				42117.,
				4284. and
				44121..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 71 - Assessment Practices and Equalization › Rule 701-71.4 - Valuation of Residential Real Estate

Current through Register Vol. 47, No. 3, July 24, 2024
Residential real estate shall be assessed at its actual value
				  as defined in Iowa Code section
				  441.21.
In determining the actual value of residential real estate,
				  city and county assessors shall use the appraisal manual issued by the
				  department of revenue pursuant to Iowa Code section
				  421.17(17)
				   as well as a locally conducted
				  assessment/sales ratio study, an analysis of sales of comparable properties,
				  and any other relevant data available.
This rule is intended to implement Iowa Code sections
				  421.17,
				  428.4 and
				  441.21.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 71 - Assessment Practices and Equalization › Rule 701-71.6 - Valuation of Industrial Land and Buildings

Current through Register Vol. 47, No. 3, July 24, 2024
Industrial real estate shall be assessed at its actual value
				  as defined in Iowa Code section
				  441.21.
In determining the actual value of industrial land and
				  buildings, city and county assessors shall use the appraisal manual issued by
				  the department of revenue pursuant to Iowa Code section
				  421.17(17),
				  and any other relevant data available.
This rule is intended to implement Iowa Code sections
				  421.17,
				  428.4 and
				  441.21.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 71 - Assessment Practices and Equalization › Rule 701-71.7 - Valuation of Industrial Machinery

Current through Register Vol. 47, No. 3, July 24, 2024
Industrial machinery as referred to in Iowa Code section
				  427A1(1).
"e"
shall include all machinery used in manufacturing
				  establishments and shall be assessed as real estate even though such machinery
				  might be assessed as personal property if not used in a manufacturing
				  establishment.
In determining the actual value of industrial machinery
				  assessed as real estate, the assessor shall give consideration to the
				  "Industrial Machinery and Equipment Valuation Guide" issued by the department
				  of revenue and any other relevant data available.
This rule is intended to implement Iowa Code sections
				  42117.,
				  427A1.,
				  4284. and
				  44121..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 71 - Assessment Practices and Equalization › Rule 701-71.8 - Abstract of Assessment

Current through Register Vol. 47, No. 3, July 24, 2024
Each city and county assessor shall submit annually to the
				  department of revenue at the times specified in Iowa Code section
				  44145.
				  an abstract of assessment for the current year. The assessor shall use the form
				  of abstract prescribed and furnished by the department and shall enter on the
				  abstract all information required by the department. However, the department
				  may approve the use of a computer-prepared abstract if the data is in
				  essentially the same format as on the form prescribed by the department. The
				  information entered on the abstract of assessment shall be reviewed and
				  considered by the department in equalizing the valuations of classes of
				  properties.
This rule is intended to implement Iowa Code sections
				  4284. and
				  441.45.