Iowa Code 565.13 – Annuity tax
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Terms Used In Iowa Code 565.13
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
To provide for the payment of an annuity, the city shall annually thereafter levy a tax sufficient to pay the annuity.