Section 533.329. Taxation.

  1.  A state credit union shall be deemed an institution for savings and is subject to taxation only as to its real estate and moneys and credits. The shares shall not be taxed.

  2.  a.  The moneys and credits tax on state credit unions is imposed at a rate of one-half cent on each dollar of the legal and special reserves that are required to be maintained by the state credit union under section 533.303, and shall be levied by the board of supervisors and placed upon the tax list and collected by the county treasurer. However, an exemption shall be given to each state credit union in the amount of forty thousand dollars.

  b.  The amount collected in each taxing district within a city shall be apportioned twenty percent to the county, thirty percent to the city general fund, and fifty percent to the general fund of the state, and the amount collected in each taxing district outside of cities shall be apportioned fifty percent to the county and fifty percent to the general fund of the state.

  c.  The moneys and credits tax shall be collected at the location of the state credit union as shown in its articles of incorporation.

  d.  The moneys and credits tax imposed under this section shall be reduced by a tax credit authorized pursuant to section 15.331C for certain sales taxes paid by a third-party developer.

  e.  The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to section 15.333.

  f.  The moneys and credits tax imposed under this section shall be reduced by an investment tax credit authorized pursuant to section 15E.43.

  g.  The moneys and credits tax imposed under this section shall be reduced by an Iowa fund of funds tax credit authorized pursuant to section 15E.66.

  h.  The moneys and credits tax imposed under this section shall be reduced by an endow Iowa tax credit authorized pursuant to section 15E.305.

  i.  The moneys and credits tax imposed under this section shall be reduced by a redevelopment tax credit allowed under chapter 15, subchapter II, part 9.

  j.  The moneys and credits tax imposed under this section shall be reduced by an innovation fund investment tax credit allowed under section 15E.52.

  k.  The moneys and credits tax imposed under this section shall be reduced by a workforce housing investment tax credit allowed under section 15.355, subsection 3.

  l.  The moneys and credits tax imposed under this section shall be reduced by a solar energy system tax credit allowed under section 422.11L.

2007 Acts, ch 162, §12, 13

; 2007 Acts, ch 174, §60, 99

; 2008 Acts, ch 1173, §12

; 2008 Acts, ch 1191, §165

; 2009 Acts, ch 179, §40

; 2010 Acts, ch 1138, §14, 16, 24, 26

; 2011 Acts, ch 130, §45, 47, 71

; 2012 Acts, ch 1136, §37, 39 – 41

; 2014 Acts, ch 1130, §23 – 26

; 2015 Acts, ch 124, §8, 9, 10

Subsection 2, paragraph j, applies retroactively to January 1, 2011, for tax years beginning and investments made on or after that date;

2011 Acts, ch 130, §47

2012 strike of former paragraphs f and g of subsection 2 takes effect May 25, 2012, and applies retroactively to January 1, 2012, for tax years beginning on or after that date, and does not apply to contracts or agreements entered into on or before May 25, 2012;

2012 Acts, ch 1136, §39

 – 41

Subsection 2, paragraph k, takes effect May 30, 2014; applies retroactively to January 1, 2014, for tax years beginning on or after that date; and applies to qualifying new investment costs incurred on or after May 30, 2014;

2014 Acts, ch 1130, §24

 – 26

Subsection 2, paragraph l, takes effect June 26, 2015, and applies retroactively to January 1, 2015, for tax years beginning on or after that date; 2015 Acts, ch 124, §9, 10

For restrictions on the issuance and claiming of investment tax credits under section 15E.43 for equity investments made on or after July 2, 2015, see 2015 Acts, ch 138, §125

Subsection 2, NEW paragraph l