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The franchise tax is due and payable on the first day following the end of the taxable year of each financial institution, and is delinquent after the last day of the fourth month following the due date or forty-five days after the due date of the fed...
In this division, unless the context otherwise requires: “Financial institution” means a state bank as defined in section 524.103, subsection 41, a state bank chartered under the laws of any other state, a national banking association, a trust co...
A franchise tax according to and measured by net income is imposed on financial institutions for the privilege of doing business in this state as financial institutions. In addition to all taxes imposed under this division, there is imposed upon eac...
The franchise tax is imposed annually in an amount equal to five percent of the net income received or accrued during the taxable year. If the net income of the financial institution is derived from its business carried on entirely within the state, t...
The department shall administer and enforce the provisions of this division, and all applicable provisions of sections 422.24, 422.25, 422.26, 422.28, 422.29, and 422.30, and division VI of this chapter, apply to financial institutions...
A taxpayer subject to the tax imposed by sections 422.33 and 422.60 shall make payments of estimated tax for the taxable year if the amount of tax payable, less credits, can reasonably be expected to be more than one thousand dollars for the taxab...
Tagged topics: franchise taxesincome taxes
A taxpayer required to pay estimated tax under section 422.85 shall pay the estimated tax in accordance with the following schedule: If it is first determined that the estimated tax will be greater than one thousand dollars on or before the last day...
Tagged topics: franchise taxesincome taxes
If the taxpayer submits an underpayment of the estimated tax, the taxpayer is subject to an underpayment penalty at the rate established under section 421.7 upon the amount of the underpayment for the period of the underpayment. The amount of the un...
Tagged topics: franchise taxesincome taxes
The penalty for underpayment of any installment of estimated tax imposed under section 422.88 shall not be imposed if the total amount of all payments of estimated tax made on or before the last date prescribed for the payment of such installment eq...
Tagged topics: franchise taxesincome taxes
Any amount of estimated tax paid is a credit against the amount of tax due on a final, completed return, and any overpayment of five dollars or more shall be refunded to the taxpayer with interest in accordance with section 421.60, subsection 2, par...
Tagged topics: franchise taxesincome taxes