reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 57 - Administration › Rule 701-57.6 - Information Deemed Confidential

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section
Ml.ll
applies generally to
				  the director, deputies, auditors, examiners, agents, present or former officers
				  and employees of the department. Disclosure of information from a taxpayer's
				  filed return or report or other confidential state information by department of
				  revenue personnel to a third person is prohibited under Iowa Code section
				  42272..
				  See rule
				  701-63.
				  (17A).
This rule is intended to implement Iowa Code sections
				  42266. and
				  42272..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 57 - Administration › Rule 701-57.8 - Delegation to Audit and Examine

Current through Register Vol. 47, No. 3, July 24, 2024
Pursuant to statutory authority the director delegates to the
				  authorized assistants and employees the power to examine returns and make
				  audits, and to determine the correct amount of tax due,subject to review by or
				  appeal to the director This rule is intended to implement Iowa Code sections
				  42266. and
				  42270..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.1 - Who Must File

Current through Register Vol. 47, No. 3, July 24, 2024
Every financial institution as defined in 701-subrule
				  57.1(2), regardless of net income, shall file a true and accurate return of its
				  income or loss for the taxable period. The return shall be signed by the
				  president or other duly authorized officer. If the financial institution was
				  inactive or not doing business within Iowa, although qualified to do so, during
				  the taxable year, the return must contain a statement to that effect.
(1)
income tax of financial
				institutions in liquidation.
When a financial institution is in the
				process of liquidation, or in the hands of a receiver, the franchise tax
				returns must be made under oath or affirmation of the persons responsible for
				the conduct of the affairs of such financial institutions, and must be filed at
				the same time and in the same manner as required of other financial
				institutions.
(2)
Franchise
				tax returns for financial institutions dissolved.
Financial
				institutions which have been dissolved during the income year must file
				franchise tax returns for the period prior to dissolution which has not already
				been covered by previous returns. Officers and directors are responsible for
				the filing of the returns and for the payment of taxes, if any, for the audit
				period provided by law.
Where a financial institution dissolves and disposes of its
				  assets without making provision for the payment of its accrued Iowa franchise
				  tax, liability for the tax follows the assets so distributed and upon failure
				  to secure the unpaid amount, suit to collect the tax may be instituted against
				  the stockholders and other persons receiving the property, to the extent of the
				  property received, except bona fide purchasers or others as provided by
				  law.
This rule is intended to implement Iowa Code sections 422.60
				  and 422.61.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.2 - Time and Place for Filing Return

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Returns
				of financial institutions.
A return of income for all financial
				institutions must be filed on or before the delinquency date. The delinquency
				date for all financial institutions is the day following the last day of the
				fourth month following the close of the taxpayer's taxable year, whether the
				return is made on the basis of the calendar year or the fiscal year; or the day
				following the last day of the period covered by an extension of time granted by
				the director. When the last day prior to the delinquency date falls on a
				Saturday, Sunday, or holiday, the return will be timely if it is filed on the
				following day that is not a Saturday, Sunday, or holiday. Iowa Code section
				421.9A contains additional information on due dates that fall on a Saturday,
				Sunday, or holiday. If a return is placed in the mail, properly addressed and
				postage paid in ample time to reach the department on or before the delinquency
				date for filing, no penalty will attach should the return not be received until
				after that date. Mailed returns should be addressed to Franchise Tax
				Processing, P.O. Box 10413, Des Moines, Iowa 50306.
(2)
Short period returns.
Where under a provision of the Internal Revenue Code, a financial institution
				is required to file a tax return for a period of less than 12 months, a short
				period Iowa franchise tax return must be filed for the same period. The
				delinquency date for the short period return is 45 days after the federal due
				date not considering any federal extension of time to file.
(3)
Extension of time for filing
				returns for tax years beginning on or after January 1, 1991.
See
				701-subrule 39.2(4).
(4)
Extension of time for filing returns for tax years beginning on or
				after January 1, 1986.
Rescinded IAB 3/15/95, effective 4/19/95.
This rule is intended to implement Iowa Code sections
				  422.24,
				  422.62,
				  and
				  422.66.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.4 - Payment of Tax

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Quarterly estimated payments.
Effective for taxable years
				beginning on or after July 1, 1977, financial institutions are required to make
				quarterly payments of estimated franchise tax. Rules pertaining to the
				estimated tax are contained in 701-Chapter 61.
(2)
Full estimated payment prior to
				original delinquency date.
Rescinded lAB 3/15/95, effective
				4/19/95.
(3)
Penalty and
				interest on unpaid tax.
See rule
				701-106. (421) for
				penalty for tax periods beginning on or after January 1, 1991. See rule
				701-108. (421)
				for statutory exemptions to penalty for tax periods beginning on or after
				January 1, 1991.
Interest shall accrue on tax due from the original due date
				  of the return. Interest on refunds of any portion of the tax imposed by statute
				  which has been erroneously refunded and which is recoverable by the department
				  shall bear interest as provided by law from the date of payment of the refund,
				  with each fraction of a month considered to be an entire month. See rule
				  701-10.2(421) for the statutory interest rate.
All payments shall be first applied to the penalty and then
				  to the interest, and the balance, if any, to the amount of tax due.
(4)
Payment of tax by
				uncertified checks.
The department will accept uncertified checks in
				payment of franchise taxes, provided such checks are collectible for their full
				amount without any deduction for exchange or other charges. The date on which
				the department receives the check will be considered the date of payment, so
				far as the taxpayer is concerned, unless the check is dishonored. If one check
				is remitted to cover two or more financial institutions' taxes, the remittance
				must be accompanied by a letter of transmittal stating:
a. The name of the drawer of the
				check;
b. The amount of the
				check;
c. The amount of any cash,
				money order or other instrument included in the same remittance;
d. The name of each financial institution
				whose tax is to be paid by the remittance; and
e. The amount of payment on account of each
				financial institution.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.6 - Refunds and Overpayments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) to (6)
				Reserved.
(7)
computation
				of interest on refunds resulting from net operating losses or net capital
				losses for tax years or periods beginning on or after January 1, 1974, and
				ending after July 1, 1980.
Rescinded lAB 11/24/04, effective
				12/29/04.
(8)
computation
				of interest on refunds resulting from net operating losses for tax years ending
				on or after April 30, 1981.
Rescinded lAB 11/24/04, effective
				12/29/04.
(9)
For refund
				claims received by the department after June 11, 1984.
If the amount
				of tax is reduced as a result of a net operating loss or net capital loss,
				interest shall accrue on the refund resulting from the loss carryback beginning
				on the date a claim for refund or amended return carrying back the net
				operating loss or net capital loss is filed with the department or the first
				day of the second calendar month following the actual payment date, whichever
				is later
(10)
Overpayment
-
interest accruing before July 1,
				1980.
Rescinded lAB 11/24/04, effective 12/29/04.
(11)
Interest commencing on or after
				January 1, 1982.
See rule
				701-102. (421) regarding
				the rate of interest charged by the department on delinquent taxes and the rate
				paid by the department on refunds commencing on or after January 1,
				1982.
(12)
Overpayment
-
interest accruing on or after July 1,
				1980, and before April 30, 1981.
Rescinded lAB 11/24/04, effective
				12/29/04.
(13)
Overpayment
-
interest accruing on overpayments
				resulting from returns due on or after April 30, 1981.
If the amount
				of tax determined to be due by the department is less than the amount paid, the
				excess to be refunded will accrue interest from the first day of the second
				calendar month following the date of payment or the date the return was due to
				be filed or was filed, whichever is the later
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.7 - Allocation of Franchise Tax Revenues

Current through Register Vol. 47, No. 3, July 24, 2024
For fiscal years prior to July 1, 2004, each quarterly
				  distribution shall be made up of the tax shown due on the franchise tax returns
				  received during that quarter, net of all refunds of franchise tax established
				  during that quarter In determining the portion of franchise tax revenues to be
				  distributed to cities and counties for fiscal years prior to July 1, 2004, each
				  financial institution, as defined by Iowa Code section
				  42261., is required
				  to submit the appropriate allocation data with the filing of its Iowa franchise
				  tax return. Each financial institution shall accumulate or maintain data to
				  properly determine the business activity ratios as prescribed in subrules
				  58.7(1) and 58.7(2). The allocation shall be made on the basis of business
				  activity for each office location. The word "office" shall mean a branch
				  office, a drive-in bank depository or any other establishment whereby the
				  business pertaining to the financial institution is carried on.
(1)
Business activity determination
				for a production credit association.
A production credit association
				shall measure its business activity on the basis of loan volume. "Loan volume"
				shall mean total loans originated during the taxable period. The business
				activity for each office location shall be that percentage of loans originated
				by each office to total loans originated for all office locations during the
				taxable period.
(2)
Business activity determination for a financial institution other than
				a production credit association.
A financial institution, other than a
				production credit association, shall measure its business activity on a basis
				of net deposits. The business activity of each office shall be that percentage
				of average "savings and demand deposits net of withdrawals" for each office
				location to the total average "savings and demand deposits net of withdrawals"
				for all office locations. This rule is intended to implement Iowa Code section
				42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.10 - Historic Preservation and Cultural and Entertainment District Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years beginning on or after January 1, 2001, a
				  historic preservation and cultural and entertainment district tax credit,
				  subject to the availability of the credit, may be claimed against a taxpayer '
				  s Iowa franchise tax liability for 25 percent of the qualified rehabilitation
				  costs to the extent the costs were incurred for the rehabilitation of eligible
				  property in Iowa. For information related to projects with Part 2 applications
				  approved and tax credits reserved prior to July 1, 2014, see rule
				  701-5218.
				  (404A,422). For information related to projects registered on or after July 1,
				  2014, and before August 15, 2016, see rule
				  701-5247.
				  (404A,422). For information related to projects registered on or after August
				  15, 2016, see rule 701-52.48 (404A,422). For projects registered before August
				  15, 2016, see also the administrative rules for the historic preservation and
				  cultural and entertainment district tax credit for the historical division of
				  the department of cultural af fairs under 223-Chapter 48 . For projects
				  registered on or after August 15, 2016, see also the administrative rules for
				  the historic preservation and cultural and entertainment district tax credit
				  for the economic development authority under 261-Chapter 49.
This rule is intended to implement Iowa Code chapter 404A as
				  amended by 2016 Iowa Acts, House File 2443, and Iowa Code section
				  42260..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.12 - New Capital Investment Program Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax periods beginning on or after January 1,
				  2003, a business which qualifies under the new capital investment program is
				  eligible to receive tax credits. An eligible business under the new capital
				  investment program must be approved by the Iowa department of economic
				  development and meet the qualifications of 2003 Iowa Acts, chapter 125, section
				  4. The new capital investment program was repealed on July 1,2005, and has been
				  replaced with the high quality job creation program. See rules
				  701-5228.
				  (15) and
				  701-5817.
				  (15) for information on the tax credits available under the high quality job
				  creation program. Any tax credits earned by businesses approved under the new
				  capital investment program prior to July 1, 2005, remain valid, and can be
				  claimed on tax returns filed after July 1, 2005.
This rule is intended to implement 2003 Iowa Acts, House File
				  677, sections I to 7, and Iowa Code section
				  15333. as
				  amended by 2003 Iowa Acts, House File 677, section 8.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.14 - Wage-benefits Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax years ending on or after June 9,2006, a
				  wage-benefits tax credit, subject to the availability of the credit, equal to a
				  percentage of the annual wages and benefits paid for a qualified new job
				  created by the location or expansion of the business in Iowa is available for
				  eligible financial institutions. For information on the eligibility for the
				  wage-benefits tax credit, how to file applications for the wage-benefits tax
				  credit, how the wage-benefits tax credit is computed, the repeal of the
				  wage-benefits credit effective July 1,2008, and other details about the credit,
				  see rule
				  701-5225.
				  (151,422).
This rule is intended to implement Iowa Code chapter 151 as
				  amended by 2008 Iowa Acts, House File 2700, section 167, and Iowa Code
				  Supplement section
				  42260(10).
				  as amended by 2008 Iowa Acts, House File 2700, section 164.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.15 - Wind Energy Production Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax years beginning on or after July 1, 2006,
				  owners of qualified wind energy production facilities approved by the Iowa
				  utilities board may claim a wind energy production tax credit for qualified
				  electricity sold by the owner against a taxpayer's Iowa franchise tax
				  liability. For information on the application and review process for the wind
				  energy production tax credit, how the wind energy production tax credit is
				  computed, how the wind energy production tax credit can be transferred and
				  other details about the credit, see rule
				  701-5226.
				  (422,476B). See also the administrative rules for the wind energy production
				  tax credit for the Iowa utilities board in rules
				  199-1518.
				  (476B) and
				  199-1520.
				  (476B).
This rule is intended to implement Iowa Code section
				  42260.
				  and chapter 476B.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.16 - Renewable Energy Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
effective for tax years beginning on or after July 1, 2006, a
				  purchaser or producer of renewable energy whose facility has been approved by
				  the Iowa utilities board may claim a renewable energy tax credit for qualified
				  renewable energy against a taxpayer's Iowa franchise tax liability. For
				  information on the application and review process for the renewable energy tax
				  credit, how the renewable energy tax credit is computed, how the renewable
				  energy tax credit can be transferred and other details about the credit, see
				  rule
				  701-5227.
				  (422,476C). See also the administrative rules for the renewable energy tax
				  credit for the Iowa utilities board in rules
				  199-1519.
				  (476C) and
				  199-1521.
				  (476C).
This rule is intended to implement Iowa Code section
				  42260.
				  and chapter 476C.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.17 - High Quality Job Creation Program

Current through Register Vol. 47, No. 3, July 24, 2024
effective for tax periods ending on or after July 1, 2005,
				  for programs approved on or after July 1, 2005, but before July 1, 2009, a
				  business which qualifies under the high quality job creation program is
				  eligible to receive tax credits. The high quality job creation program replaces
				  the new jobs and income program and the new capital investment program. An
				  eligible business under the high quality job creation program must be approved
				  by the Iowa department of economic development and meet the qualifications of
				  Iowa Code section
				  15329..
The high quality job creation program was repealed on July 1,
				  2009, and has been replaced with the high quality jobs program. See rule
				  701-5240.
				  (15) for information on the investment tax credit under the high quality jobs
				  program. Any investment tax credit earned by businesses approved under the high
				  quality job creation program prior to July 1, 2009, remains valid, and can be
				  claimed on tax returns filed after July 1, 2009. The administrative rules for
				  the high quality jobs program for the Iowa department of economic development
				  may be found at 261-Chapter 68.
For information on what credits can be taken under this
				  program, how the investment tax credit is computed and other details about this
				  program, see rule
				  701-5228.
				  (15). However, the research credit described in subrule 52.28(1) is not
				  available for franchise tax filers.
This rule is intended to implement Iowa Code Supplement
				  chapter 15.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.18 - Economic Development Region Revolving Fund Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax years ending on or after July 1, 2005, but
				  beginning before January 1, 2010, a taxpayer who makes a contribution to an
				  economic development region revolving fund may claim a tax credit, subject to
				  the availability of the credit. The credit is equal to 20 percent of a
				  taxpayer's contribution to the economic development region revolving fund
				  approved by the Iowa department of economic development. The administrative
				  rules for the economic development region revolving fund tax credit for the
				  Iowa department of economic development may be found at 261-Chapter 32. The tax
				  credit is repealed for tax years beginning on or after January 1, 2010.
The total amount of economic development region revolving
				  fund tax credits available shall not exceed $2 million per fiscal year. The tax
				  credit shall not be carried back to a tax year prior to the year in which the
				  taxpayer redeems the credit. The economic development region revolving fund tax
				  credit is not transferable to any other taxpayer
Any credit in excess of the tax liability for the tax year
				  may be credited to the tax liability for the following ten years or until used,
				  whichever is the earlier
This rule is intended to implement Iowa Code sections
				  15E232.
				  and
				  42260.
				  as amended by 2010 Iowa Acts, Senate File 2380.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.19 - Film Qualified Expenditure Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax years beginning on or after January 1,
				  2007, a film qualified expenditure tax credit is available for franchise tax.
				  The tax credit is equal to 25 percent of the taxpayer's qualified expenditures
				  in a film, television, or video project registered with the film office of the
				  Iowa department of economic development (IDED). For information on the
				  qualified expenditures eligible for the credit, how the film qualified
				  expenditure tax credit is claimed, how the film qualified expenditure tax
				  credit can be transferred and other details about the credit, see rule
				  701-5234.
				  (15,422). See also the administrative rules for the film qualified expenditure
				  tax credit for IDED at 261-Chapter 36.
This rule is intended to implement 2007 Iowa Acts, House File
				  892, section 3, and Iowa Code section
				  42260.
				  as amended by 2007 Iowa Acts, House File 892, section 9.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.20 - Film Investment Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax years beginning on or after January 1,2007,
				  a film investment tax credit is available for franchise tax. The tax credit is
				  equal to 25 percent of the taxpayer's qualified expenditures in a film,
				  television, or video project registered with the film office of the Iowa
				  department of economic development (IDED). For information on how the film
				  investment tax credit is claimed, how the film investment tax credit can be
				  transferred and other details about the credit, see rule
				  701-5235.
				  (15,422). See also the administrative rules for the film investment tax credit
				  for IDED at 261-Chapter 36.
This rule is intended to implement 2007 Iowa Acts, House File
				  892, section 3, and Iowa Code section
				  42260.
				  as amended by 2007 Iowa Acts, House File 892, section 9.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.21 - High Quality Jobs Program

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for tax periods beginning on or after July 1, 2009,
				  a business which qualifies under the high quality jobs program is eligible to
				  receive tax credits. The high quality jobs program replaces the high quality
				  job creation program. An eligible business under the high quality jobs program
				  must be approved by the Iowa department of economic development and meet the
				  qualifications of Iowa Code section
				  15329.. The tax
				  credits available under the high quality jobs program are based upon the number
				  of jobs created or retained that pay a qualifying wage threshold and the amount
				  of qualifying investment. The administrative rules for the high quality jobs
				  program for the Iowa department of economic development may be found at
				  261-Chapter 68.
For information on the credits that may be taken under this
				  program, how the investment tax credit is computed and other details about the
				  program, see rule
				  701-5240.
				  (15). NOTE: The research credit described in 701-subrule 52.40(1) is not
				  available for franchise tax filers.
This rule is intended to implement Iowa Code chapter
				  15.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.22 - Solar Energy System Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Effective for installations placed in service during tax
				  years beginning on or after January 1, 2014, a solar energy system tax credit
				  is available for business property described in Sections 48(a)(2)(A)(i)(II) and
				  48(a)(2)(A)(i)(III) of the Internal Revenue Code and located in Iowa. The
				  credit is available to financial institutions according to the same
				  requirements, conditions, and limitations as described in rule
				  701-42.48 (422).
This rule is intended to implement Iowa Code section
				  422.60(12)
"a."
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.23 - Workforce Housing Tax Incentives Program

Current through Register Vol. 47, No. 3, July 24, 2024
A business which qualifies under the workforce housing tax
				  incentives program is eligible to receive tax incentives for franchise tax. For
				  information on how the workforce housing tax incentives can be claimed, how the
				  investment tax credit can be transferred and other details about the workforce
				  housing tax incentives, see rule
				  701-5246.
				  (15). The administrative rules for the workforce housing tax incentives program
				  for the economic development authority may be found at 261-Chapter 48.
This rule is intended to implement Iowa Code sections
				  15354.
				  and
				  15355..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.24 - Deduction of Credits

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Sequencing of credit deductions.
The credits against computed
				tax set forth in Iowa Code section
				422.60
				shall be claimed in the following sequence.
a.
				Alternative minimum tax credit (for tax years beginning during 2021
				only).
b. Qualifying business
				investment tax credit (also known as angel investor tax credit).
c. Historic preservation tax credit (when the
				taxpayer has elected that the credit be nonrefundable under Iowa Code section
				404A.2(4)).
d. Innovation fund
				investment tax credit.
e. Endow
				Iowa tax credit.
f. Redevelopment
				tax credit.
g. Workforce housing
				tax credit.
h. Hoover presidential
				library tax credit.
i. Enterprise
				zone tax credit.
j. High quality
				jobs investment tax credit.
k. Wind
				energy production tax credit.
l.
				Renewable energy tax credit.
m.
				Solar energy system tax credit.
n.
				Alternative minimum tax credit (for tax years beginning before January 1, 2021,
				only).
o. Historic preservation tax
				credit (when the taxpayer has elected that the credit be refundable under Iowa
				Code section
				404A.2(4)
				).
p. High quality jobs third-party
				developer tax credit.
q. Estimated
				tax and payment with vouchers.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 58 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-58.25 - Hoover Presidential Library Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
A Hoover presidential library tax credit is available
				  according to the same requirements, conditions, and limitations as described in
				  rule 701-42.57 (15E,422) and 261-Chapter 43.
This rule is intended to implement Iowa Code sections
				  15E.364
				  and
				  422.60(14)
				   as enacted by 2021 Iowa Acts, House File
				  588, sections 1 and 4.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.1 - Computation of Net Income for Financial Institutions

Current through Register Vol. 47, No. 3, July 24, 2024
"Net income" for state purposes shall mean federal taxable
				  income, before deduction for net operating losses, as properly computed under
				  the Internal Revenue Code, and shall include the adjustments in rules
				  701-592.
				  (422) to
				  701-5913.
				  (422). The remaining provisions of this rule and rules
				  701-5914.
				  (422) to
				  701-5924.
				  (422) shall also be applicable in determining net income.
In the case of a financial institution which is a member of
				  an affiliated group of corporations filing a consolidated income tax return for
				  the taxable year for federal income tax purposes, but files a separate return
				  for state purposes, taxable income as properly computed for federal purposes is
				  determined as if the financial institution had filed a separate return for
				  federal income tax purposes for the taxable year and each preceding taxable
				  year for which it was a member of an affiliated group. For purposes of this
				  paragraph, the taxpayer's separate taxable income shall be determined as if the
				  election provided by Section 243(b)(2) of the Internal Revenue Code had been in
				  effect for all those years.
When a federal short period return is filed and the federal
				  taxable income is required to be adjusted to an annual basis, the Iowa taxable
				  income shall also be adjusted to an annual basis. The tax liability for a short
				  period is computed by multiplying the taxable income for the short period by 12
				  and dividing the result by the number of months in the short period. The tax is
				  determined on the resulting total as if it were the taxable income, and the tax
				  computed is divided by 12 and multiplied by the number of months in the short
				  period. This adjustment shall apply only to income attributable to business
				  carried on within the state of Iowa.
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 701-59.2 - Net Operating Loss Carrybacks and Carryovers

Current through Register Vol. 47, No. 3, July 24, 2024
Net operating losses shall be allowed or allowable for Iowa
				  franchise tax purposes to the same extent they are allowed or allowable for
				  federal corporation income tax purposes, provided the following adjustments are
				  made:
(1) Additions to income.
a. Refunds of federal income taxes due to net
				operating loss, capital loss and investment credit or other credit carrybacks
				shall not be added for tax years beginning on or after January 1,
				1980.
b. Iowa franchise tax
				deducted on the federal return for the loss year shall be reflected as an
				addition to income in the year of the loss.
c. Interest and dividends received in the
				year of the loss on federally tax-exempt securities shall be reflected as
				additions to income in the year of the loss.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.3 - Capital Loss Carryback

Current through Register Vol. 47, No. 3, July 24, 2024
Capital losses shall be allowed or allowable for Iowa
				  franchise tax purposes to the same extent they are allowed or allowable for
				  federal corporation income tax purposes. Capital loss carrybacks shall be
				  treated as an adjustment to federal taxable income to arrive at net income. For
				  capital losses occurring in tax years beginning on or after January 1, 1980,
				  refunds of federal corporation income taxes shall not be an adjustment in
				  computing incomesubject to the franchise tax.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.4 - Net Operating and Capital Loss Carrybacks and Carryovers

Current through Register Vol. 47, No. 3, July 24, 2024
If the taxpayer, for tax periods beginning before January 1,
				  2009, has both a net operating loss and a capital loss carryback to a prior tax
				  year, the capital loss shall be carried back first and then the net operating
				  loss offset against any remaining income.
This rule is intended to implement Iowa Code section
				  42235.
				  as amended by 2009 Iowa Acts, Senate File 483, and section
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.5 - Interest and Dividends From Federal Securities

Current through Register Vol. 47, No. 3, July 24, 2024
For franchise tax purposes, dividends received from
				  corporations owned or sponsored by the federal government, or interest derived
				  from obligations of the United States and its possessions, agencies and
				  instrumentalities become a part of the taxable income. Examples of these types
				  of obligations are bonds issued by the governments of Puerto Rico, Washington
				  D.C., Guam and the Virgin Islands. Notwithstanding the above, only interest
				  received after July 1, 1991, from bonds purchased after January 1, 1991, issued
				  by the governments of Puerto Rico, Guam and the Virgin Islands is subject to
				  tax.
Gains or losses from the sale or other disposition of any
				  bonds shall be taxable for state franchise tax purposes.
Interest received on federal tax refunds is taxable for Iowa
				  franchise tax purposes.
This rule is intended to implement Iowa Code section
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.6 - Interest and Dividends From Foreign Securities and Securities of States and Other Political Subdivisions

Current through Register Vol. 47, No. 3, July 24, 2024
Interest and dividends from foreign securities and securities
				  of states and their political subdivisions including Iowa shall be included in
				  taxable income for periods beginning on or after January 1, 1980. For tax
				  periods beginning on or after January 1, 1987, subtract interest expense
				  allocable to interest exempt from federal income tax which was disallowed as a
				  deduction under Internal Revenue Code Section 265(b) or 291(e)(1)(B).
For tax years beginning on or after January 1, 1987, add
				  dividends received from regulated investment companies exempt from federal
				  income tax under Section 852(b)(5) of the Internal Revenue Code and subtract
				  the loss on the sale or exchange of a share of a regulated investment company
				  held for six months or less to the extent the loss was disallowed under Section
				  852(b)(4)(B) of the Internal Revenue Code.
For tax years beginning on or after January 1, 2001, add, to
				  the extent not already included, income from the sale of obligations of the
				  state of Iowa and its political subdivisions and interest and dividend income
				  from these obligations. Gains or losses from the sale or other disposition of
				  bonds issued by the state of Iowa or its political subdivisions, along with
				  interest and dividend income from these bonds, shall be included in Iowa
				  taxable income unless the law authorizing these obligations specifically
				  exempts the income from the sale and interest and dividend income from Iowa
				  franchise tax.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261. as amended by
				  2001 Iowa Acts, House File 715.
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.7 - Safe Harbor Leases

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years ending after January 1, 1981, deductions in
				  determining federal taxable income for sale-leaseback agreements taken as a
				  result of the application of Section 168(f)(8) of the Internal Revenue Code
				  shall be added in determining Iowa taxable income to the extent such deductions
				  cannot be taken under provisions of Sections 162, 163 and 167 of the Internal
				  Revenue Code. The lessor shall add depreciation and interest expense, and the
				  lessee shall add rental expense. When the deduction for depreciation is not
				  allowed under a previous provision of this rule, the lessee shall be allowed a
				  deduction for depreciation on any property involved in a sale-leaseback
				  agreement. The depreciation shall be computed in accordance with Section 168(a)
				  of the Internal Revenue Code. income received as a result of sale-leaseback
				  agreement shall be deducted in determining Iowa taxable income. The lessee
				  shall deduct interest income and the lessor shall deduct rent income. Each
				  lessor and lessee corporation shall include a copy of federal Form 6793 in its
				  Iowa franchise tax return for the year in which a safe harbor lease is entered
				  into.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.9 - Work Opportunity Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
Where a financial institution claims the federal work
				  opportunity tax credit as provided in Section 51 of the Internal Revenue Code,
				  the amount of credit allowable shall be a deduction from Iowa taxable income to
				  the extent the credit increased federal taxable income.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.11 - Gains and Losses on Property Acquired Before January 1, 1934

Current through Register Vol. 47, No. 3, July 24, 2024
Where property was acquired prior to January 1, 1934, the
				  basis as of January 1, 1934, for determining capital or other gains or losses
				  is the higher of cost, adjusted for depreciation allowed or allowable to
				  January 1, 1934, or fair market value as of that date.
City National
				  Bank of Clinton v. Iowa State Tax commission,
251 Iowa 603, 102 N.W.2d
				  381 (1960).
If as a result of this provision a basis is to be used for
				  purposes of Iowa franchise tax which is different from the basis used for
				  purposes of federal income tax, an appropriate adjustment must be made and
				  detailed schedules supplied in the computation of Iowa income subject to
				  franchise tax.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.12 - Federal Income Tax Deduction

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years beginning on or after January 1, 1980, a
				  deduction for 50 percent of federal income taxes paid or accrued is not
				  allowed. Cash-basis taxpayers are not allowed a deduction for 50 percent of
				  federal income taxes paid during a tax year beginning on or after January 1,
				  1980, which represent the preceding year's tax or additional taxes for prior
				  years. Fifty percent of a federal income tax refund received during a tax year
				  beginning on or after January 1, 1980, shall not be reported as income. For tax
				  years beginning on or after January 1, 1990, because the federal environmental
				  tax is deducted in computing federal taxable income and Iowa Code section
				  42261(3).
"a"
does not allow the deduction of federal income taxes, the
				  federal environmental tax must be added to federal taxable income.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.13 - Iowa Franchise Taxes

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa franchise taxes paid or accrued during the tax year as
				  may be applicable under the method of filing are permissible deductions for
				  federal corporation income tax purposes, but not for purposes of determining
				  Iowa net income. To the extent taxes were deducted in the determination of
				  federal taxable income, they shall be added to federal taxable income for Iowa
				  franchise tax purposes. Refunds of Iowa franchise tax to the extent that the
				  returns are included in the determination of federal taxable income shall all
				  be subtracted from federal taxable income. This rule is intended to implement
				  Iowa Code section
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.14 - Method of Accounting, Accounting Period

Current through Register Vol. 47, No. 3, July 24, 2024
The return shall be computed on the same basis and for the
				  same accounting period as the taxpayer's return for federal corporation income
				  tax purposes. Permission to change accounting methods or accounting periods for
				  franchise tax purposes is not required provided the taxpayer furnishes the
				  department with a copy of the federal consent. This rule is intended to
				  implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.15 - Consolidated Returns

Current through Register Vol. 47, No. 3, July 24, 2024
There is no provision in the Iowa franchise tax law to allow
				  financial institutions to file consolidated Iowa franchise tax returns with
				  another financial institution or another corporation as defined in Iowa Code
				  section
				  42232..
				  In the absence of any statutory authority for allowing consolidated Iowa
				  franchise tax returns, separate Iowa franchise tax returns must be filed. This
				  rule is intended to implement Iowa Code sections
				  42114.
				  and
				  42268(1)..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.16 - Federal Rulings and Regulations

Current through Register Vol. 47, No. 3, July 24, 2024
In determining whether "taxable income," "net operating loss
				  deduction" or any other deductions are computed for federal tax purposes under,
				  or have the same meaning as provided by, the Internal Revenue Code, the
				  department will use applicable rulings and regulations that have been duly
				  promulgated by the commissioner of Internal Revenue, unless the director has
				  created rules and regulations or has exercised discretionary powers as
				  prescribed by statute which call for an alternative method for determining
				  "taxable income," "net operating loss deduction," or any other deductions, or
				  unless the department finds that an applicable Internal Revenue ruling or
				  regulation is unauthorized according to the Iowa Code.
This rule is intended to implement Iowa Code sections
				  42235.
				  and
				  42261..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.17 - Charitable Contributions Relating to the Endow Iowa Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
For tax years beginning on or after January 1, 2010, a
				  taxpayer who claims an endow Iowa tax credit in accordance with rule
				  701-5813.
				  (15E,422) cannot claim a deduction for charitable contributions under Section
				  170 of the Internal Revenue Code for the amount of the contribution for which
				  the tax credit is claimed for Iowa tax purposes.
This rule is intended to implement Iowa Code section
				  15E305..
Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 59 - Determination of Net Income › Rule 701-59.18 - Depreciation of Speculative Shell Buildings

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For tax years beginning on or after July
				1, 1992, speculative shell buildings constructed or reconstructed after that
				date may be depreciated as 15-year property under the accelerated cost of
				recovery system of the Internal Revenue Code. If the taxpayer has deducted
				depreciation on the speculative shell building on the taxpayer's federal income
				tax return, that amount of depreciation must be added to federal taxable income
				in order to deduct depreciation under this rule.
(2) On sale or other disposition of the
				speculative shell building, the taxpayer must report on the taxpayer's Iowa
				corporation income tax return the same gain or loss reported on the taxpayer's
				federal corporation income tax return. If, while owned by the taxpayer, the
				building is converted from a speculative shell building to another use, the
				taxpayer must deduct the same amount of depreciation on the taxpayer's Iowa tax
				return as is deducted on the taxpayer's federal tax return.
(3) For the purposes of this rule, the term
				"speculative shell building" means a building as defined in Iowa Code section
				4271.,
				subsection (27)
"c. "
This rule is intended to implement Iowa Code sections 422.35
				  and 422.63.