Text: SF00536 Text: SF00538 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422B.9, Code 1997, is amended by adding 1 2 the following new unnumbered paragraph after unnumbered 1 3 paragraph 4: 1 4 NEW UNNUMBERED PARAGRAPH. Frequency of deposits and 1 5 quarterly reports of a local sales and services tax with the 1 6 department of revenue and finance are governed by the tax 1 7 provisions in section 422.52. Local tax collections shall not 1 8 be included in computation of the total tax to determine 1 9 frequency of filing under section 422.52. 1 10 Sec. 2. Section 422B.10, subsection 2, Code 1997, is 1 11 amended to read as follows: 1 12 2. a. The director of revenue and finance within fifteen 1 13 days of the beginning of each fiscal year shall send to each 1 14 city or county where the local option tax is imposed, an 1 15 estimate of the amount of tax moneys each city or county will 1 16 receive for the year and for eachquartermonth of the year. 1 17 At the end of eachquartermonth, the director may revise the 1 18 estimates for the year and remainingquartersmonths. 1 19 b. The director of revenue and finance shall remitninety1 20 ninety-five percent of the estimate tax receipts for the city 1 21 or county to the city or countyafter the end of each quarter1 22no later than the following dates: November 10, February 10,1 23May 10, and August 10on or before August 31 of the fiscal 1 24 year and on or before the last day of each following month. 1 25 c. The director of revenue and finance shall remit a final 1 26 payment of the remainder of tax moneys due the city or county 1 27 for the fiscal year beforethe due date for the payment of the1 28first quarterNovember 10 of the next fiscal year. If an 1 29 overpayment has resulted during the previous fiscal year, the 1 30 first payment of the new fiscal year shall be adjusted to 1 31 reflect any overpayment. 1 32 EXPLANATION 1 33 The bill amends Code section 422B.9 to provide that local 1 34 option sales and service taxes shall be remitted to the 1 35 department of revenue and finance in the same frequency as 2 1 required for retail sales taxes. Retailers are accustomed to 2 2 the manner and frequency required under the retail sales taxes 2 3 provisions. As a result, this amendment will provide 2 4 uniformity in the reporting and depositing of state sales 2 5 taxes and local sales and services taxes. Local tax 2 6 collection shall not be included in the computation of state 2 7 retail sales tax to determine frequency of remitting. 2 8 Instead, the computation of state sales tax should be used to 2 9 determine the frequency with which local taxes should be 2 10 remitted to the department. 2 11 The bill also amends Code section 422B.10 to increase the 2 12 amount of estimated local option sales and services tax 2 13 receipts remitted by the department of revenue and finance to 2 14 the counties and cities from 90 percent to 95 percent and also 2 15 provides that such remission shall be on a monthly, rather 2 16 than quarterly basis. 2 17 LSB 2754SV 77 2 18 mg/cf/24
Text: SF00536 Text: SF00538 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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