533.24  Taxation.

A credit union shall be deemed an institution for savings and is subject to taxation only as to its real estate and moneys and credits. The shares shall not be taxed.

The moneys and credits tax on credit unions is imposed at a rate of five mills on each dollar of the legal and special reserves which are required to be maintained by the credit union under section 533.17, and shall be levied by the board of supervisors, and placed upon the tax list and collected by the county treasurer, except that an exemption shall be given to each credit union in the amount of forty thousand dollars. The amount collected in each taxing district within a city shall be apportioned twenty percent to the county, thirty percent to the city general fund, and fifty percent to the general fund of the state, and the amount collected in each taxing district outside of cities shall be apportioned fifty percent to the county and fifty percent to the general fund of the state. The moneys and credits tax shall be collected at the location of the credit union as shown in its articles of incorporation.

Section History: Early form

  [C27, 31, 35, § 9305-a22; C39, § 9305.22; C46, 50, 54, 58, 62, 66, 71, § 533.22; C73, 75, 77, 79, 81, § 533.24]

Section History: Recent form

  83 Acts, ch 123, § 189, 209; 89 Acts, ch 296, §74

Internal References

  Referred to in § 331.427

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