Text: HSB00590 Text: HSB00592 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 184.3, Code 1999, is amended by adding
1 2 the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. The council may charge interest
1 4 on any amount of the assessment that is delinquent. The rate
1 5 of interest shall not be more than the current rate published
1 6 in the Iowa administrative bulletin by the department of
1 7 revenue and finance pursuant to section 421.7. The interest
1 8 amount shall be computed from the date the assessment is
1 9 delinquent, unless the council designates a later date. The
1 10 interest amount shall accrue for each month in which there is
1 11 delinquency calculated as provided in section 421.7, and
1 12 counting each fraction of a month as an entire month. The
1 13 interest amount due shall become a part of the assessment due.
1 14 EXPLANATION
1 15 This bill amends Code section 184.3 which provides for the
1 16 establishment and collection of an assessment (i.e.,
1 17 "checkoff") by the Iowa egg council on eggs produced in this
1 18 state. The assessment is used for purposes of market
1 19 development. The assessment is due quarterly and is usually
1 20 remitted by the first purchaser of the eggs.
1 21 This bill provides that the council may charge interest on
1 22 any amount of the assessment that is delinquent. The bill
1 23 provides that the rate of interest must not be more than the
1 24 current rate published in the Iowa administrative bulletin by
1 25 the department of revenue and finance pursuant to Code section
1 26 421.7. The interest amount must be computed from the date the
1 27 assessment is delinquent, unless the council designates a
1 28 later date. The interest amount shall accrue for each month,
1 29 counting each fraction of a month as an entire month.
1 30 Code section 421.7 generally establishes the rate of
1 31 interest for obligations administered by the department of
1 32 revenue and finance. The calendar year rate of interest is
1 33 two percentage points greater than the numerical average,
1 34 rounded to the nearest 1 percent, of the respective prime
1 35 rates for each of the months in the 12-month period that ends
2 1 September 30 of the previous calendar year.
2 2 A number of provisions administered by the department refer
2 3 to the section when computing interest due on delinquent
2 4 payments, including the sales tax payments under Code section
2 5 422.58.
2 6 The bill uses the same calculations in determining how to
2 7 compute the interest due on assessments.
2 8 LSB 6017HC 78
2 9 da/cf/24
Text: HSB00590 Text: HSB00592 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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