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423.7A Motor vehicle lease tax.

1. The tax imposed upon the use of leased vehicles subject to registration under chapter 321, with gross vehicle weight ratings of less than sixteen thousand pounds, excluding motorcycles and motorized bicycles, which are leased by a lessor licensed pursuant to chapter 321F for a period of twelve months or more shall be paid by the owner of the vehicle to the county treasurer or state department of transportation from whom the registration receipt or certificate of title is obtained. A registration receipt for a vehicle subject to registration or issuance of a certificate of title shall not be issued until the tax is paid in the initial instance.

2. The amount subject to tax shall be computed on each separate lease transaction by multiplying the number of months of the lease by the monthly lease payments, plus the downpayment, less any manufacturer's rebate. The county treasurer or the state department of transportation shall require every applicant for a registration receipt for a vehicle subject to tax under this section to supply informa- tion as the county treasurer or director deems necessary as to the date of the lease transaction, the lease price, and other information relative to the lease of the vehicle.

3. On or before the tenth day of each month the county treasurer or the state department of transportation shall remit to the department the amount of the taxes collected during the preceding month.

4. If the lease is terminated prior to the termination date contained in the lease agreement, no refund shall be allowed for tax previously paid on the monthly rental payments.

Section History: Recent form

96 Acts, ch 1125, §5

Internal References

Referred to in § 331.557, 423.2, 423.4, 423.6, 423.24

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