Text: HSB00292 Text: HSB00294 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 533.24, Code 2003, is amended to read
1 2 as follows:
1 3 533.24 TAXATION AND OTHER ANNUAL STATE FEES.
1 4 1. A credit union shall be deemed an institution for
1 5 savings and is subject to taxation only as to its real estate
1 6 and moneys and credits. The shares shall not be taxed.
1 7 2. a. The moneys and credits tax on credit unions is
1 8 imposed at a rate of five mills on each dollar of the legal
1 9 and special reserves which are required to be maintained by
1 10 the credit union under section 533.17, and shall be levied by
1 11 the board of supervisors, and placed upon the tax list and
1 12 collected by the county treasurer, except that an exemption
1 13 shall be given to each credit union in the amount of forty
1 14 thousand dollars. The amount collected in each taxing
1 15 district within a city shall be apportioned twenty percent to
1 16 the county, thirty percent to the city general fund, and fifty
1 17 percent to the general fund of the state, and the amount
1 18 collected in each taxing district outside of cities shall be
1 19 apportioned fifty percent to the county and fifty percent to
1 20 the general fund of the state. The moneys and credits tax
1 21 shall be collected at the location of the credit union as
1 22 shown in its articles of incorporation.
1 23 b. The moneys and credits tax imposed under this section
1 24 shall be reduced by an investment tax credit authorized
1 25 pursuant to section 15E.43.
1 26 c. The moneys and credits tax imposed under this section
1 27 shall be reduced by an investment tax credit authorized
1 28 pursuant to section 15E.51.
1 29 3. a. In addition to the moneys and credits tax imposed
1 30 under this section, a credit union that acquires a bank as
1 31 defined in section 524.103 shall pay an annual fee to the
1 32 state that is equal to the amount that the bank paid as
1 33 franchise tax pursuant to chapter 422, division V, in its last
1 34 taxable year of operation before the acquisition. The fact
1 35 that the bank has begun or completed a process of dissolution
2 1 in order to permit the acquisition to occur shall not be used
2 2 by the credit union to suggest that the bank does not formally
2 3 satisfy the definition of a bank, and that the fee is not
2 4 owed.
2 5 b. The fee shall be due and payable according to the
2 6 provisions of section 422.62, and shall be allocated according
2 7 to the provisions of section 422.65, as if the fee were a
2 8 franchise tax obligation. Chapter 422, divisions V through
2 9 VII, shall apply generally to payments required under this
2 10 subsection. The director of revenue and finance may adopt
2 11 rules as necessary for the administration of this subsection.
2 12 EXPLANATION
2 13 This bill adds an annual fee for credit unions that acquire
2 14 banks which is equal to the amount of the annual franchise tax
2 15 that the bank paid to the state in its last taxable year of
2 16 operation prior to the acquisition by the credit union. The
2 17 fact that the bank must change its business form in order to
2 18 be acquired by the credit union through a process of
2 19 dissolution may not be used to defeat the imposition of the
2 20 new fee under Code section 533.24.
2 21 The bill provides that the payment shall be made to the
2 22 state, and shall be processed essentially in the same manner
2 23 as if the fee were a franchise tax payment by a bank. The
2 24 director of revenue and finance may adopt rules as necessary
2 25 for the administration of the subsection.
2 26 LSB 3019HC 80
2 27 jj/sh/8
Text: HSB00292 Text: HSB00294 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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