This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1728: Tuesday, April 29, 1997

Page  10

 1     b.  The granting of a direct pay tax permit is not
 2   authorized for any of the following:
 3     (1)  Taxes imposed on the sales, furnishing, or
 4   service of gas, electricity, water, heat, pay
 5   television service, and communication service.
 6     (2)  Taxes imposed under sections 423.7 and 423.7A
 7   and chapter 422C.
 8     Sec. 21.  Section 422.65, Code 1997, is amended to
 9   read as follows:
10     422.65  ALLOCATION OF REVENUE.
11     All moneys received from the franchise tax shall be
12   deposited in the state general fund.  Commencing with
13   the fiscal year beginning July 1, 1993, there is
14   appropriated for each fiscal year from the franchise
15   tax money received and deposited in the state general
16   fund the sum of eight million eight hundred thousand
17   dollars which shall be paid quarterly on warrants by
18   the director, after certification by the director,
19   Franchise tax moneys appropriated in section 405A.10
20   are allocated as follows:
21     1.  Sixty percent to the general fund of the city
22   from which the tax is collected.
23     2.  Forty percent to the county from which the tax
24   is collected.
25     If the financial institution maintains one or more
26   offices for the transaction of business, other than
27   its principal office, a portion of its franchise tax
28   shall be allocated to each office, based upon a
29   reasonable measure of the business activity of each
30   office.  The director shall prescribe, for each type
31   of financial institution, a method of measuring the
32   business activity of each office.  Financial
33   institutions shall furnish all necessary information
34   for this purpose at the request of the director.
35     Quarterly, the director shall certify to the
36   treasurer of state the amounts to be paid to each city
37   and county from the state general fund.  All moneys
38   received from the franchise tax are appropriated
39   according to the provisions of this section.
40     Sec. 22.  Section 422.72, subsection 3, unnumbered
41   paragraph 1, Code 1997, is amended to read as follows:
42     Unless otherwise expressly permitted by section
43   421.17, subsections 21, 22, 22A, 23, 25, 29, and 32,
44   sections 252B.9, 421.19, 421.28, 422.20, and 452A.63,
45   and this section, a tax return, return information, or
46   investigative or audit information shall not be
47   divulged to any person or entity, other than the
48   taxpayer, the department, or internal revenue service
49   for use in a matter unrelated to tax administration.
50     Sec. 23.  Section 422.72, Code 1997, is amended by

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

Comments about this site or page? hjourn@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Tue May 6 09:40:03 CDT 1997
URL: /DOCS/GA/77GA/Session.1/HJournal/01700/01728.html
jhf