(1) When the word
"department" appears herein, it refers to and is synonymous
with the "Iowa
Department of Revenue"; the word
"director" is
the "
Director of Revenue" or the
director's authorized assistants and
employees; the word
"tax" is the "franchise
tax on financial
institutions"; and the word
"return" is the "franchise
tax
return."
The administration of the franchise tax is a responsibility
of the department. The department is charged with the administration of the
franchise tax, subject always to the rules, regulations and direction of the
director.
(2) Effective June
1, 1989, the term "
financial institution" as used in division V of Iowa Code
chapter 422 and in 701-Chapters 600 to 604 includes an Iowa chartered bank, a
state bank chartered under the laws of any other state, a nationally chartered
bank, a trust company, a federally chartered savings and loan association, a
non-Iowa chartered savings bank, a
financial institution chartered by the
Federal Home Loan Bank Board, a non-Iowa chartered savings and loan
association, an association incorporated or authorized to do business under
Iowa Code chapter 534 or a production credit association.
Effective July 1, 2012, the term "financial institution" as
used in division V of Iowa Code chapter 422 and in 701-Chapters 600 to 604
includes an Iowa chartered bank, a state bank chartered under the laws of any
other state, a nationally chartered bank, a trust company, a federally
chartered savings and loan association, a non-Iowa chartered savings bank, a
financial institution chartered by the Federal Home Loan Bank Board, a non-Iowa
chartered savings and loan association or a production credit
association.
Unincorporated privately held financial institutions are
exempt from the franchise tax filing requirements.
(3) The term
"Internal Revenue
Code" means the
Internal Revenue Code of 1954 prior to the date of its
redesignation as the
Internal Revenue Code of 1986 or the
Internal Revenue Code
of 1986, whichever is applicable.
This rule is intended to implement Iowa Code section
422.61 as amended by 2012 Iowa
Acts, Senate File 2202.
