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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