This text of Iowa § 422.62 (Due and delinquent dates) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. 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 federal tax return, excluding
extensions of time to file, whichever is the later. Every financial institution shall file a return
as prescribed by the director on or before the delinquency date.
2. a.
(1)A financial institution shall file a return required under this section in an
electronic format specified by the department for any tax year if any of the following
circumstances apply:
(a)The financial institution has two hundred fifty thousand dollars or more in gross
receipts, as defined by rule by the department.
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1. 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 federal tax return, excluding
extensions of time to file, whichever is the later. Every financial institution shall file a return
as prescribed by the director on or before the delinquency date.
2. a. (1) A financial institution shall file a return required under this section in an
electronic format specified by the department for any tax year if any of the following
circumstances apply:
(a) The financial institution has two hundred fifty thousand dollars or more in gross
receipts, as defined by rule by the department.
(b) The financial institution reports twenty-five thousand dollars or more of Iowa tax
credits on the return.
(c) The financial institution is a corporation subject to the electronic filing requirement
under section 422.36, subsection 8, paragraph “b”.
(2) This paragraph “a” applies to any form or schedule supporting a return required
to be electronically filed or any amended return if the amended return meets any of the
circumstances requiring electronic filing in this paragraph.
b. (1) Notwithstanding paragraph “a”, the department may provide an exception to the
requirement to file a return in an electronic format.
(2) A return subject to the electronic filing requirement in paragraph “a” that is filed in a
mannerotherthaninanelectronicformatspecifiedbythedepartmentshallnotbeconsidered
a valid return unless the department provides an exception pursuant to this paragraph.
c. The department shall adopt rules to implement this subsection.