Iowa Code 533.329 – Taxation
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Terms Used In Iowa Code 533.329
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Child: includes child by adoption. See Iowa Code 4.1
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
533.329 Taxation.
1. A state 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.
2. a. The moneys and credits tax on state credit unions is imposed at a rate of one-half
cent on each dollar of the legal and special reserves that are required to be maintained by the state credit union under § 533.303. However, an exemption shall be given to each state credit union in the amount of forty thousand dollars.
b. The moneys and credits tax shall be collected by the department of revenue and 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.
c. The moneys and credits tax imposed under this section shall be reduced by a tax credit
authorized pursuant to § 15.331C for certain sales taxes paid by a third-party developer.
d. The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to § 15.333.
e. The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to § 15E.43.
f. The moneys and credits tax imposed under this section shall be reduced by an Iowa fund of funds tax credit authorized pursuant to § 15E.66.
g. The moneys and credits tax imposed under this section shall be reduced by an endow
Iowa tax credit authorized pursuant to § 15E.305.
h. The moneys and credits tax imposed under this section shall be reduced by a redevelopment tax credit allowed under chapter 15, subchapter II, part 9.
i. The moneys and credits tax imposed under this section shall be reduced by an innovation fund investment tax credit allowed under § 15E.52.
j. The moneys and credits tax imposed under this section shall be reduced by a workforce housing investment tax credit allowed under § 15.355, subsection 3.
k. The moneys and credits tax imposed under this section shall be reduced by a solar energy system tax credit allowed under § 422.11L.
l. The moneys and credits tax imposed under this section shall be reduced by a Hoover presidential library tax credit allowed under § 15E.364.
m. The moneys and credits tax imposed under this section shall be reduced by an employer child care tax credit allowed pursuant to § 237A.31.
3. a. Returns shall be in the form the director of revenue prescribes, and shall be filed with the department of revenue on or before the last day of the fourth month after the expiration of the tax year. The moneys and credits tax is due and payable on the last day of the fourth month after the expiration of the tax year.
b. A credit union shall file a return required under this section in an electronic format specified by the department for each tax year.
c. (1) Notwithstanding paragraph “”b””, the department may provide an exception to file a return in an electronic format.
(2) A return subject to the electronic filing requirement in paragraph “”b”” that is filed in a manner other than in an electronic format specified by the department shall not be considered a valid return unless the department provides an exception pursuant to this paragraph.
d. The department shall adopt rules to implement this subsection.
4. The department of revenue shall administer and enforce the provisions of this section, and except as explicitly provided in this section or another provision of law, shall apply all applicable penalty, interest, and administrative provisions of chapters 421 and 422 as nearly as possible in administering and enforcing the moneys and credits tax imposed by this section.
2007 Acts, ch 162, §12, 13; 2007 Acts, ch 174, §60, 99; 2008 Acts, ch 1173, §12; 2008 Acts, ch 1191, §165; 2009 Acts, ch 179, §40; 2010 Acts, ch 1138, §14, 16, 24, 26; 2011 Acts, ch 130,
§45, 47, 71; 2012 Acts, ch 1136, §37, 39 – 41; 2014 Acts, ch 1130, §23 – 26; 2015 Acts, ch 124,
1. A state 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.
2. a. The moneys and credits tax on state credit unions is imposed at a rate of one-half
cent on each dollar of the legal and special reserves that are required to be maintained by the state credit union under § 533.303. However, an exemption shall be given to each state credit union in the amount of forty thousand dollars.
b. The moneys and credits tax shall be collected by the department of revenue and 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.
c. The moneys and credits tax imposed under this section shall be reduced by a tax credit
authorized pursuant to § 15.331C for certain sales taxes paid by a third-party developer.
d. The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to § 15.333.
e. The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to § 15E.43.
f. The moneys and credits tax imposed under this section shall be reduced by an Iowa fund of funds tax credit authorized pursuant to § 15E.66.
g. The moneys and credits tax imposed under this section shall be reduced by an endow
Iowa tax credit authorized pursuant to § 15E.305.
h. The moneys and credits tax imposed under this section shall be reduced by a redevelopment tax credit allowed under chapter 15, subchapter II, part 9.
i. The moneys and credits tax imposed under this section shall be reduced by an innovation fund investment tax credit allowed under § 15E.52.
j. The moneys and credits tax imposed under this section shall be reduced by a workforce housing investment tax credit allowed under § 15.355, subsection 3.
k. The moneys and credits tax imposed under this section shall be reduced by a solar energy system tax credit allowed under § 422.11L.
l. The moneys and credits tax imposed under this section shall be reduced by a Hoover presidential library tax credit allowed under § 15E.364.
m. The moneys and credits tax imposed under this section shall be reduced by an employer child care tax credit allowed pursuant to § 237A.31.
3. a. Returns shall be in the form the director of revenue prescribes, and shall be filed with the department of revenue on or before the last day of the fourth month after the expiration of the tax year. The moneys and credits tax is due and payable on the last day of the fourth month after the expiration of the tax year.
b. A credit union shall file a return required under this section in an electronic format specified by the department for each tax year.
c. (1) Notwithstanding paragraph “”b””, the department may provide an exception to file a return in an electronic format.
(2) A return subject to the electronic filing requirement in paragraph “”b”” that is filed in a manner other than in an electronic format specified by the department shall not be considered a valid return unless the department provides an exception pursuant to this paragraph.
d. The department shall adopt rules to implement this subsection.
4. The department of revenue shall administer and enforce the provisions of this section, and except as explicitly provided in this section or another provision of law, shall apply all applicable penalty, interest, and administrative provisions of chapters 421 and 422 as nearly as possible in administering and enforcing the moneys and credits tax imposed by this section.
2007 Acts, ch 162, §12, 13; 2007 Acts, ch 174, §60, 99; 2008 Acts, ch 1173, §12; 2008 Acts, ch 1191, §165; 2009 Acts, ch 179, §40; 2010 Acts, ch 1138, §14, 16, 24, 26; 2011 Acts, ch 130,
§45, 47, 71; 2012 Acts, ch 1136, §37, 39 – 41; 2014 Acts, ch 1130, §23 – 26; 2015 Acts, ch 124,
§533.329, CREDIT UNIONS 2
§8, 9, 10; 2018 Acts, ch 1172, §83 – 85; 2019 Acts, ch 152, §70; 2020 Acts, ch 1118, §28, 29;
2021 Acts, ch 176, §6; 2022 Acts, ch 1061, §10, 11; 2022 Acts, ch 1148, §27, 28
Referred to in §15.293A, 15.333, 15.355, 15E.43, 15E.44, 15E.52, 15E.62, 15E.305, 15E.364, 237A.31, 331.427, 421.6, 421.60
Subsection 2, paragraph m applies to tax years beginning on or after January 1, 2023; 2022 Acts, ch 1148, §28
2022 amendment to subsection 3 applies to tax years ending on or after December 31, 2024, or for tax years ending on or after December
31 of the calendar year in which the department of revenue implements a system for receiving the electronic returns, whichever is later;
2022 Acts, ch 1061, §11