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Iowa Code Title X. Financial Resources [Chs. 421-454] § 422.63. Amount of tax

Current as of January 01, 2024 | Updated by FindLaw Staff

1. The franchise tax is imposed annually in an amount equal to the percent specified in subsection 2 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, the tax shall be imposed on the entire net income, but if the business is carried on partly within and partly without the state, the portion of net income reasonably attributable to the business within the state shall be specifically allocated or equitably apportioned within and without the state under rules of the director.

2. a. For tax years beginning prior to January 1, 2023, five percent.

b. For tax years beginning on or after January 1, 2023, but before January 1, 2024, four and seven-tenths percent.

c. For tax years beginning on or after January 1, 2024, but before January 1, 2025, four and four-tenths percent.

d. For tax years beginning on or after January 1, 2025, but before January 1, 2026, four and one-tenth percent.

e. For tax years beginning on or after January 1, 2026, but before January 1, 2027, three and eight-tenths percent.

f. For tax years beginning on or after January 1, 2027, three and one-half percent.

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Cite this article: FindLaw.com - Iowa Code Title X. Financial Resources [Chs. 421-454] § 422.63. Amount of tax - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-x-financial-resources-chs-421-454/ia-code-sect-422-63/

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