Iowa Code Title X. Financial Resources [Chs. 421-454] § 423B.8. Construction contractor refunds
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Search Iowa Code
Search by Keyword or Citation
1. Construction contractors may make application to the department for a refund of the additional local sales and services tax paid under this chapter by reason of taxes paid on building materials, supplies, or equipment under the following conditions:
a. The building materials, supplies, or equipment are incorporated into an improvement to real estate in fulfillment of a written contract fully executed prior to the date of the imposition of a local sales and services tax under this chapter. The refund shall not apply to equipment transferred in fulfillment of a mixed construction contract.
b. The contractor has paid to the department or to a retailer the full amount of the state and local tax.
c. The claim is filed on forms provided by the department and is filed within one year of the date the tax is paid.
2. The department shall pay the refund from the appropriate city's or county's account in the local sales and services tax fund.
3. A contractor who makes an erroneous application for refund shall be liable for payment of the excess refund paid plus interest at the rate in effect under section 421.7. In addition, a contractor who willfully makes a false application for refund is guilty of a simple misdemeanor and is liable for a penalty equal to fifty percent of the excess refund claimed. Excess refunds, penalties, and interest due under this subsection may be enforced and collected in the same manner as the local sales and services tax imposed under this chapter.
Cite this article: FindLaw.com - Iowa Code Title X. Financial Resources [Chs. 421-454] § 423B.8. Construction contractor refunds - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-x-financial-resources-chs-421-454/ia-code-sect-423b-8.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?