The Ethanol Blended Gasoline E-85 fuel group should not be used for transactions occurring 7/1/20 and after. The Ethanol Blended Gasoline E-15 or Higher is a new fuel group effective 7/1/20. Fuel includes gasoline, diesel fuel, liquefied petroleum gas, liquefied natural gas, compressed natural gas, aviation fuel, and ethanol blended gasoline.Įthanol Blended Gasoline E-10 to E-14 (Gasohol)Įthanol Blended Gasoline E-85 (E-15 or Higher)ĭiesel including biodiesel B-10 and lower (Special Undyed Fuel) Financial institutions which have elected S corporation status are still subject to the franchise tax, and the shareholders are allowed a tax credit against their individual income tax for their share of the franchise tax paid.ĭescription: Tax is imposed on each gallon of fuel sold in Iowa for use in motor vehicles or aircraft. Estimated payments are due from most financial institutions on a quarterly basis. $7 million is appropriated annually to the community attraction and tourism fund.ĭue Date(s) of Returns: Franchise tax returns must be filed by the last day of the 4th month after the close of the tax year or 45 days after the due date of the financial institution’s federal income tax return, excluding extensions of time to file, whichever is the later. For tax years beginning on or after Januand before January 1, 2021, Iowa imposed an alternative minimum tax equal to 3% of Iowa tax preferences.ĭistribution of Funds: State General Fund. Nonprofit corporation returns with unrelated business income are due on the 15th day of the 5th month following the close of the tax year.ĭescription: Tax is imposed on the income of state banks, national banking associations, trust companies, federally and state chartered savings and loan associations, financial institutions chartered by the Federal Home Loan Bank Board and production credit associations. Estimated tax payments are due from most corporations on a quarterly basis. Cooperatives must file a return on or before the 15th day of the 9th month following the close of the cooperative’s tax year. Tax Rate: 5.5% on first $100,000 9% on next $150,000 9.8% on all over $250,000ĭistribution of Funds: State General Fundĭue Date(s) of Returns: Corporation tax returns must be filed by the last day of the 4th month after the close of the tax year. For tax years on or after January 1, 1988, the tax is imposed on the unrelated business income of nonprofit corporations. For tax years beginning on or after Januand before January 1, 2021, Iowa imposed an alternative minimum tax equal to 7.2% of Iowa tax preferences. Description: The tax is imposed on the Iowa net income of corporations doing business within this state or receiving income from property in the state.
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