Title X, FINANCIAL RESOURCES (Ch. 421 - 454)

1. a. It shall be unlawful for any present or former officer or employee of the state to willfully or recklessly divulge or to make known in any manner whatever not provided by law to any person the amount or source of income, profits, losses, expenditures, or any particular ther…

1. Returns shall be in the form the director prescribes, and shall be filed with the department on or before the last day of the fourth month after the expiration of the tax year. However, cooperative associations as defined in section 6072(d) of the Internal Revenue Code shall f…

If the director shall be of the opinion that any taxpayer required under this subchapter to file a return has failed to file such a return or to include in a return filed, either intentionally or through error, items of taxable income, the director may require from such taxpayer …

The return by an individual, who, while living, was subject to income tax in the state during the tax year, and who has died before making the return, shall be made in the individual’s name and behalf by the administrator or executor of the estate and the tax shall be levied upon…

1. For all taxpayers the total tax due shall be paid in full at the time of filing the return. 2. When, at the request of the taxpayer, the time for filing the return is extended, interest at the rate in effect under section 421.7 for each month counting each fraction of a month …

1. a. For purposes of this subsection : (1) “Federal adjustment” means a change to an item or amount required to be determined under the Internal Revenue Code and the regulations thereunder that is used by the taxpayer to compute state tax owed whether such change results from ac…

1. Definitions. As used in this section and sections 422.25B and 422.25C , unless the context otherwise requires: a. “Administrative adjustment request” means the same as provided in section 6227 of the Internal Revenue Code . b. “Audited partnership” means a partnership subject …

1. As used in this section , all words and phrases defined in section 422.25A shall have the same meaning given them by that section. 2. The state pass-through representative for the reviewed year for a partnership shall be the partnership’s federal partnership representative wit…

1. As used in this section , all words and phrases defined in section 422.25A shall have the same meaning given them by that section. 2. For tax years beginning on or after January 1, 2020, any adjustments to a partnership’s or pass-through entity’s items of income, gain, loss, e…

1. Whenever any taxpayer liable to pay a tax and penalty imposed refuses or neglects to pay the same, the amount, including any interest, penalty, or addition to such tax, together with the costs that may accrue in addition thereto, shall be a lien in favor of the state upon all …

1. A final account of a personal representative shall not be allowed by any court unless the account shows, and the judge of the court finds, that all taxes imposed by this subchapter upon the personal representative, which have become payable, have been paid, and that all taxes …

A taxpayer may appeal to the director for revision of the tax, interest, or penalties assessed at any time within sixty days from the date of the notice of the assessment of tax, additional tax, interest, or penalties. The director shall grant a hearing and if, upon the hearing, …

1. Judicial review of actions of the director may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A . Notwithstanding the terms of chapter 17A , petitions for judicial review may be filed in the district court of the county in which the …

For the purpose of this chapter and unless otherwise required by the context: 1. “Book” , “list” , “record” , or “schedule” kept by a county auditor, assessor, treasurer, recorder, sheriff, or other county officer means the county system as defined in section 445.1 . 2. “Court” m…

1. If the director believes that the assessment or collection of taxes will be jeopardized by delay, the director may immediately make an assessment of the estimated amount of tax due, together with all interest, additional amounts, or penalties, as provided by law. The director …

All the provisions of section 422.36, subsection 3 , shall be applicable to persons taxable under this subchapter . [C35, §6943-f27; C39, § 6943.063; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §422.31 ] 2020 Acts, ch 1062, §94 Referred to in §257.22 , 422D.3

1. For the purpose of this subchapter and unless otherwise required by the context: a. “Affiliated group” means a group of corporations as defined in section 1504(a) of the Internal Revenue Code . b. “Business income” means income arising from transactions and activity in the reg…

1. a. A tax is imposed annually upon each corporation doing business in this state, or deriving income from sources within this state, in an amount computed by applying the following rates of taxation to the net income received by the corporation during the income year: (1) On th…

The following organizations and corporations shall be exempt from taxation under this subchapter : 1. All state, national, private, cooperative, and savings banks, credit unions, title insurance and trust companies, federally chartered savings and loan associations, production cr…

A foreign corporation shall not be considered doing business in this state or deriving income from sources within this state for the purposes of this subchapter by reason of carrying on in this state one or more of the following activities: 1. Holding meetings of the board of dir…

The term “net income” means the taxable income as properly computed for federal income tax purposes under the Internal Revenue Code , with the following adjustments: 1. Subtract interest and dividends from federal securities. 2. Add interest and dividends from foreign securities,…

1. A corporation shall make a return and the return shall be signed by the president or other duly authorized officer in accordance with forms and rules prescribed by the director. Before a corporation is dissolved and its assets distributed it shall make a return for settlement …

Any affiliated group of corporations may, not later than the due date for filing its return for the taxable year, including any extensions thereof, under rules to be prescribed by the director, elect, and upon demand of the director shall be required, to make a consolidated retur…

All the provisions of sections 422.15 through 422.22 of subchapter II , insofar as the same are applicable, shall apply to corporations taxable under this subchapter . [C35, §6943-f34; C39, § 6943.070; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §422.38 ] 2020 Acts, ch 1062,…

All the provisions of sections 422.24 through 422.27 of subchapter II , respecting payment, collection, reporting, examination, and assessment, shall apply in respect to a corporation subject to the provisions of this subchapter and to the tax due and payable by a corporation tax…

For the purpose of this subchapter and unless otherwise required by the context: 1. a. “Annual inflation factor” means an index, expressed as a percentage, determined by the department by October 15 of the calendar year preceding the calendar year for which the factor is determin…

1. If a corporation required by the provisions of this subchapter to file any report or return or to pay any tax or fee, either as a corporation organized under the laws of this state, or as a foreign corporation doing business in this state for profit, or owning and using a part…

All the provisions of sections 422.28 , 422.29 , and 422.30 of subchapter II in respect to revision, appeal, and jeopardy assessments shall be applicable to corporations taxable under this subchapter . [C35, §6943-f37; C39, § 6943.073; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79,…

1. a. A tax is imposed upon every resident and nonresident of the state which tax shall be levied, collected, and paid annually upon and with respect to the entire taxable income as defined in this subchapter at a rate of three and eight-tenths percent. b. (1) The tax imposed upo…

Repealed by 2024 Acts, ch 1094, §15 – 17 . 2024 repeal applies to tax years beginning on or after January 1, 2025; 2024 Acts, ch 1094, §17

1. The tax imposed by section 422.5 less the amounts of nonrefundable credits allowed under this subchapter apply to and are a charge against estates and trusts with respect to their taxable income, and the rates are the same as those applicable to individuals. The fiduciary shal…

1. a. A franchise tax according to and measured by net income is imposed on financial institutions for the privilege of doing business in this state as financial institutions. b. (1) A financial institution with an investment subsidiary may elect under the regulations of the dire…

In this subchapter , unless the context otherwise requires: 1. “Financial institution” means a state bank as defined in section 524.103 , a state bank chartered under the laws of any other state, a national banking association, a trust company, a federally chartered savings and l…

1. The franchise tax is due and payable on the first day following the end of the taxable year of each financial institution, and is delinquent after the last day of the fourth month following the due date or forty-five days after the due date of the federal tax return, excluding…

1. a. The franchise tax is imposed annually in an amount equal to the percent specified in subsection 2 of the net income received or accrued during the taxable year. If the net income of the financial institution is derived from its business carried on entirely within the state,…

The department shall administer and enforce the provisions of this subchapter , and all applicable provisions of sections 422.24 , 422.25 , 422.26 , 422.28 , 422.29 , and 422.30 , and subchapter VI of this chapter , apply to financial institutions and to the franchise tax imposed…

The director shall administer the taxes imposed by this chapter . The director shall give a bond in an amount to be fixed by the governor, which has been issued by a surety company authorized to transact business in this state and approved by the insurance commissioner as to solv…

1. The director shall have the power and authority to prescribe all rules not inconsistent with the provisions of this chapter , necessary and advisable for its detailed administration and to effectuate its purposes. 2. The director may, for administrative purposes, divide the st…

1. All fees, taxes, interest, and penalties imposed under this chapter shall be paid to the department in the form of remittances payable to the department and the department shall transmit each payment daily to the state treasurer. 2. Unless otherwise provided the fees, taxes, i…

The term “net income” means the taxable income as properly computed for federal income tax purposes under section 63 of the Internal Revenue Code, with the following adjustments: 1. Subtract interest and dividends from federal securities. 2. Add interest and dividends from foreig…

1. The director, for the purpose of ascertaining the correctness of a return or for the purpose of making an estimate of the taxable income or receipts of a taxpayer, has the following powers: a. To examine or cause to be examined by an agent or representative designated by the d…

1. The director may appoint and remove such agents, auditors, clerks, and employees as the director may deem necessary, such persons to have such duties and powers as the director may, from time to time, prescribe. 2. The salaries of all assistants, agents, and employees shall be…

1. a. (1) It is unlawful for the director, or any person having an administrative duty under this chapter , or any present or former officer or other employee of the state authorized by the director to examine returns, to willfully or recklessly divulge in any manner, the busines…

1. For purposes of this section , “federal adjustment” , “final determination date” , and “final federal adjustment” all mean the same as defined in section 422.25 . 2. a. If it appears that an amount of tax, penalty, or interest has been paid which was not due under subchapter I…

If a refund is authorized in any subchapter of this chapter , the director shall certify the amount of the refund and the name of the payee and draw a warrant on the general fund of the state in the amount specified payable to the named payee, and the treasurer of state shall pay…

The department shall prepare and publish an annual report which shall include statistics reasonably available, with respect to the operation of this chapter , including amounts collected, classification of taxpayers, and such other facts as are deemed pertinent and valuable. [C35…