Iowa Admin. Code r. 701-10.77 - [Effective until 3/26/2025] Interest
(1)
Cigarettes. There shall be assessed interest at the rate
established by rule 701-10.2 (421) from the due date
of the tax to the date of payment counting each fraction of a month as an
entire month. For the purpose of computing the due date of any unpaid tax, a
FIFO inventory method shall be used for cigarettes and stamps. See rule
701-10.6 (421) for examples of
penalty and interest.
(2)
Tobacco. The interest rate on delinquent tobacco tax is the
rate established by rule
701-10.2 (421) counting each
fraction of a month as an entire month. If an assessment for taxes due is not
allocated to any given month, the interest shall accrue from the date of
assessment. See rule 701-10.6 (421) for examples of
penalty and interest.
This rule is intended to implement Iowa Code sections 453A.28 and 453A.46.
Notes
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