All moneys received from the franchise tax shall be deposited in the state general fund. Franchise tax moneys appropriated in section 405A.10 are allocated as follows:
1. Sixty percent to the general fund of the city from which the tax is collected.
2. Forty percent to the county from which the tax is collected.
If the financial institution maintains one or more offices for the transaction of business, other than its principal office, a portion of its franchise tax shall be allocated to each office, based upon a reasonable measure of the business activity of each office. The director shall prescribe, for each type of financial institution, a method of measuring the business activity of each office. Financial institutions shall furnish all necessary information for this purpose at the request of the director.
[C71, 73, 75, 77, 79, 81, § 422.65]
83 Acts, ch 123, § 173, 209; 88 Acts, ch 1151, §2; 93 Acts, ch 180, §2; 97 Acts, ch 158, §21
Referred to in § 405A.10
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