Text: HF00235 Text: HF00237 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.52, subsection 1, Code 1999, is
1 2 amended to read as follows:
1 3 1. a. The tax levied under this division less any credit
1 4 allowed under subsection 1A is due and payable in quarterly
1 5 installments on or before the last day of the month following
1 6 each quarterly period except as otherwise provided in this
1 7 subsection.
1 8 b. Every retailer who collects more than four thousand
1 9 dollars in retail sales tax in a semimonthly period shall
1 10 deposit with the department or in a depository authorized by
1 11 law and designated by the director, the amount collected or an
1 12 amount equal to not less than one-sixth of the tax collected
1 13 and paid to the department during the preceding quarter, with
1 14 a deposit form for the semimonthly period as prescribed by the
1 15 director. The first semimonthly deposit form is for the
1 16 period from the first of the month through the fifteenth of
1 17 the month and is due on or before the twenty-fifth day of the
1 18 month. The second semimonthly deposit form is for the period
1 19 from the sixteenth through the end of the month and is due on
1 20 or before the tenth day of the month following the month of
1 21 collection. A deposit is not required for the last
1 22 semimonthly period of the calendar quarter. The total
1 23 quarterly amount, less any credit allowed under subsection 1A
1 24 and less the amount deposited for the five previous
1 25 semimonthly periods, is due with the quarterly report on the
1 26 last day of the month following the month of collection.
1 27 c. A retailer who collects more than five hundred dollars
1 28 in retail sales taxes in one month and not more than four
1 29 thousand dollars in retail sales taxes in a semimonthly period
1 30 shall deposit with the department or in a depository
1 31 authorized by law and designated by the director, the amount
1 32 collected or an amount equal to not less than one-third of the
1 33 tax collected and paid to the department during the preceding
1 34 quarter, with a deposit form for the month as prescribed by
1 35 the director. The deposit form is due on or before the
2 1 twentieth day of the month following the month of collection,
2 2 except a deposit is not required for the third month of the
2 3 calendar quarter and the total quarterly amount, less any
2 4 credit allowed under subsection 1A and less the amounts
2 5 deposited for the first two months of the quarter, is due with
2 6 the quarterly report on the last day of the month following
2 7 the month of collection.
2 8 d. Every retailer who collects more than fifty dollars and
2 9 not more than five hundred dollars in retail sales tax in one
2 10 month shall deposit with the department or in a depository
2 11 authorized by law and designated by the director, the amount
2 12 collected, or an amount equal to not less than one-third of
2 13 the tax collected and paid to the department during the last
2 14 preceding quarter, with a deposit form for the month as
2 15 prescribed by the director. The deposit form is due on or
2 16 before the twentieth day of the month following the month of
2 17 collection, except a deposit is not required for the third
2 18 month of the calendar quarter and the total quarterly amount,
2 19 less any credit allowed under subsection 1A and less the
2 20 amounts deposited for the first two months of the quarter, is
2 21 due with the quarterly report on the last day of the month
2 22 following the month of collection.
2 23 e. The monthly remittance procedure is optional for any
2 24 sales tax permit holder whose average monthly collection of
2 25 tax amounts to more than twenty-five dollars and less than
2 26 fifty dollars. If the exact amounts of the taxes due or an
2 27 amount equal to not less than one-third or one-sixth, as
2 28 applicable, of the tax collected and paid to the department
2 29 during the last preceding quarter on the deposit form are not
2 30 ascertainable by the retailer, or would work undue hardship in
2 31 the computation of the taxes due by the retailer, the director
2 32 may provide by rules alternative procedures for estimating the
2 33 amounts (but not the dates) due by the retailers.
2 34 f. The forms prescribed by the director shall be referred
2 35 to as "retailers semimonthly tax deposit" or "retailers
3 1 monthly tax deposit". Deposit forms shall be signed by the
3 2 retailer or the retailer's duly authorized agent, and shall be
3 3 duly certified by the retailer or agent to be correct. The
3 4 director may authorize incorporated banks and trust companies
3 5 or other depositories authorized by law which are depositories
3 6 or financial agents of the United States, or of this state, to
3 7 receive any tax imposed under this chapter, in the manner, at
3 8 the times and under the conditions the director prescribes.
3 9 The director shall prescribe the manner, times, and conditions
3 10 under which the receipt of the tax by those depositories is to
3 11 be treated as payment of the tax to the department.
3 12 Sec. 2. Section 422.52, Code 1999, is amended by adding
3 13 the following new subsection:
3 14 NEW SUBSECTION. 1A. Each retailer who timely files the
3 15 return required in section 422.51 is entitled to a credit
3 16 equal to one percent of the amount of the state retail sales
3 17 tax collected during the period covered by the return.
3 18 However, if the retailer does not timely deposit the state
3 19 retail sales tax collected as required in subsection 1, the
3 20 one percent shall not be applied to the amount not timely
3 21 deposited in determining the amount of credit under this
3 22 subsection.
3 23 EXPLANATION
3 24 The bill allows each retailer that timely files the state
3 25 sales tax return a credit equal to one percent of the amount
3 26 of the state sales tax collected during the period covered by
3 27 the return. However, any sales tax collected which is not
3 28 timely deposited as required by law is not considered in the
3 29 computation of the credit.
3 30 LSB 1681HH 78
3 31 mg/jw/5
Text: HF00235 Text: HF00237 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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