In this division, unless the context otherwise requires:
1. "Financial institution" means a state bank as defined in section 524.103, subsection 22, a state bank chartered under the laws of any other state, a national banking association, a trust company, a federally chartered savings and loan association, an out-of-state state chartered savings bank, a financial institution chartered by the federal home loan bank board, a non-Iowa chartered savings and loan association, an association incorporated or authorized to do business under chapter 534, or a production credit association.
2. "Net income" means the net income of the financial institution computed in accordance with section 422.35, with the following adjustments:
a. Federal income taxes paid or accrued shall not be subtracted.
b. Notwithstanding sections 262.41 and 262.51, or any other provisions of law, income from obligations of the state and its political subdivisions and franchise taxes paid or accrued under this division during the taxable year shall be added.
c. Interest and dividends from federal securities shall not be subtracted.
d. Interest and dividends derived from obligations of United States possessions, agencies, and instrumentalities, including bonds which were purchased after January 1, 1991, and issued by the governments of Puerto Rico, Guam, and the Virgin Islands shall be added, to the extent they were not included in computing federal taxable income.
e. A deduction disallowed under section 265(b) or section 291(e)(1)(B) of the Internal Revenue Code shall be subtracted.
3. "Taxable year" means the calendar year or the fiscal year ending during a calendar year, for which the tax is payable. "Fiscal year" includes a tax period of less than twelve months if, under the Internal Revenue Code, a corporation is required to file a tax return covering a tax period of less than twelve months.
4. "Taxpayer" means a financial institution subject to any tax imposed by this division.
[C71, 73, 75, 77, 79, 81, § 422.61]
85 Acts, ch 230, §8; 87 Acts, 1st Ex, ch 1, § 15, 16; 87 Acts, ch 18, § 2; 89 Acts, ch 285, § 7; 91 Acts, ch 217, §1
Referred to in § 321.105, 422.60
1991 amendment to subsection 2 applicable to interest received on or after July 1, 1991; 91 Acts, ch 217, §2
Iowa General Assembly
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