Iowa Code 423.43 – Deposit of revenues
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1. a. Except as provided in subsection 2, all revenue arising under the operation of the use tax under subchapter III shall be deposited into the general fund of the state.
b. Subsequent to the deposit into the general fund of the state and after the transfer of such revenues collected under chapter 423B, the department shall transfer one-sixth of such remaining revenues to the secure an advanced vision for education fund created in section 423F.2. This paragraph is repealed January 1, 2051.
Terms Used In Iowa Code 423.43
- Department: means the department of revenue. See Iowa Code 423.1
- State: means any state of the United States, the District of Columbia, and Puerto Rico. See Iowa Code 423.1
- Use: means the exercise of any right or power incidental to the ownership of tobacco products. See Iowa Code 453A.42
- Use: means and includes the exercise by any person of any right or power over or access to tangible personal property or a specified digital product incident to the ownership of that property, or any right or power over or access to the product or result of a service. See Iowa Code 423.1
2. All revenue derived from the use tax imposed pursuant to sections 423.26 and 423.26A shall be credited to the statutory allocations fund created under section 321.145, subsection 2.