Iowa Admin. Code r. 701-405.1 - Composite returns

For tax years beginning on or after January 1, 2022, a pass-through entity with one or more nonresident members for any period of time during the tax year shall file a composite return using the Iowa composite return (IA PTE-C) and pay Iowa income or franchise tax on behalf of all of its nonresident members, unless an exception in rule 701-405.5 (422) applies. The IA 1040C, used to file composite returns under the former composite return law in tax years beginning before January 1, 2022, has been discontinued for tax years beginning on or after that date, except as provided in 701-subrule 404.10(2). Rules related to the former composite return law are located in 701-Chapter 404.

This rule is intended to implement Iowa Code section 422.16B.

Notes

Iowa Admin. Code r. 701-405.1

ARC 6900C, IAB 2/22/23, effective 3/29/23