Iowa Code r. 701-272.3 - Sales tax increment calculation
(1)
Sales tax increment calculation
formula. The department will calculate quarterly the amount of the
sales tax increment as described in Iowa Code section
418.11(2). To
do so, the department will determine the base year for the flood mitigation
project when the period for processing returns for the final quarter in the
base year is complete.
(2)
Sales considered within the calculation formula. Only sales
that are made by retail establishments in the area are taken into consideration
when the sales subject to tax are determined. Sales otherwise sourced to the
area are not considered in the calculation.
(3)
Identification of
retailers. Each governmental entity that has established a project
under Iowa Code chapter 418 must notify the department of retail establishments
in the governmental entity's applicable area that are collecting sales tax as
soon as possible. This process shall be ongoing until the governmental entity
ceases to utilize sales tax revenue under Iowa Code chapter 418.
This rule is intended to implement Iowa Code sections 418.11 and 423.2A(2).
Notes
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