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.
The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to section 15E.43.
The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to section 15E.51.
[C27, 31, 35, § 9305-a22; C39, § 9305.22; C46, 50, 54, 58, 62, 66, 71, § 533.22; C73, 75, 77, 79, 81, § 533.24]
83 Acts, ch 123, § 189, 209; 89 Acts, ch 296, §74; 2002 Acts, ch 1006, §11, 13; 2002 Acts, ch 1156, §6, 8
Unnumbered paragraph 3 takes effect February 28, 2002, and applies retroactively to tax years beginning on or after January 1, 2002; 2002 Acts, ch 1006, §13
Unnumbered paragraph 4 takes effect May 8, 2002, and applies retroactively to tax years beginning on or after January 1, 2002; 2002 Acts, ch 1156, §8
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