Text: SF02041 Text: SF02043 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 421.27, subsection 1, unnumbered 1 2 paragraph 1, Code 1995, is amended to read as follows: 1 3 If a person fails to file with the department on or before 1 4 the due date a return or deposit form there shall be added to 1 5 the tax shown due or required to be shown due a penalty often1 6 five percent of the tax shown due or required to be shown due 1 7 if filed within ten days following the due date and a penalty 1 8 of ten percent if filed after ten days following the due date. 1 9 The penalty, if assessed, shall be waived by the department 1 10 upon a showing of any of the following conditions: 1 11 Sec. 2. Section 421.27, subsection 5, Code 1995, is 1 12 amended to read as follows: 1 13 5. FAILURE TO REMIT ON EXTENSION. If a person fails to 1 14 remit at least ninety percent of the tax required to be shown 1 15 due by the time an extension for further time to file a return 1 16 is made, there shall be added to the tax shown due or required 1 17 to be shown due a penalty oftenfive percent of the tax due 1 18 if filed within ten days following the due date and a penalty 1 19 of ten percent if filed after ten days following the due date. 1 20 Sec. 3. This Act, being deemed of immediate importance, 1 21 takes effect upon enactment and applies to the filing of tax 1 22 returns or deposit forms or extensions for filing of tax 1 23 returns due on or after the effective date of this Act. 1 24 EXPLANATION 1 25 State tax law imposes a penalty for failure to file on or 1 26 before the due date a return or deposit or for failure to 1 27 remit at least 90 percent of the tax due by the time an 1 28 extension for filing a return is made. The penalty under the 1 29 present law is 10 percent of the amount of the tax required to 1 30 be shown due. The bill changes this to 5 percent if the 1 31 taxpayer is only 10 days late. The bill maintains the 10 1 32 percent penalty if the failure is for longer than 10 days. 1 33 The bill takes effect upon enactment and applies to returns 1 34 or deposits or making of extensions due on or after the 1 35 effective date of the bill. 2 1 LSB 3225SS 76 2 2 mg/sc/14
Text: SF02041 Text: SF02043 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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