1. A franchise tax according to and measured by net income is imposed on financial institutions for the privilege of doing business in this state as financial institutions.

Terms Used In Iowa Code 422.60

  • Business: means any trade, occupation, activity, or enterprise engaged in for the purpose of selling or distributing tobacco products in this state. See Iowa Code 453A.42
  • Child: includes child by adoption. See Iowa Code 4.1
  • net income: means the taxable income as properly computed for federal income tax purposes under section 63 of the Internal Revenue Code, with the following adjustments:
 1. See Iowa Code 422.7
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
    •  2. Reserved.
     3. Reserved.
     4. The taxes imposed under this subchapter shall be reduced by a historic preservation tax credit allowed under chapter 404A.
     5. a. The taxes imposed under this subchapter shall be reduced by an investment tax credit authorized pursuant to section 15E.43 for an investment in a qualifying business.

     b. The taxes imposed under this subchapter shall be reduced by investment tax credits authorized pursuant to sections 15.333 and 15E.193B, subsection 6, Code 2014.
     6. The taxes imposed under this subchapter shall be reduced by an endow Iowa tax credit authorized pursuant to section 15E.305.
     7. The taxes imposed under this subchapter shall be reduced by tax credits for wind energy production allowed under chapter 476B and for renewable energy allowed under chapter 476C.
     8. The taxes imposed under this subchapter shall be reduced by a third-party developer tax credit authorized pursuant to section 15.331C for certain sales taxes paid by a third-party developer.
     9. The taxes imposed under this subchapter shall be reduced by a tax credit authorized pursuant to section 15E.66, if redeemed, for investments in the Iowa fund of funds.
     10. The taxes imposed under this subchapter shall be reduced by a redevelopment tax credit allowed under chapter 15, subchapter II, part 9.
     11. The taxes imposed under this subchapter shall be reduced by an innovation fund investment tax credit allowed under section 15E.52.
     12. a. The taxes imposed under this subchapter shall be reduced by a solar energy system tax credit equal to sixty percent of the federal energy credit related to solar energy systems provided in section 48(a)(2)(A)(i)(II) and section 48(a)(2)(A)(i)(III) of the Internal Revenue Code, not to exceed twenty thousand dollars. For installations occurring on or after January 1, 2016, the applicable percentage of the federal energy credit related to solar energy systems shall be fifty percent.

     b. The taxpayer may claim the credit pursuant to this subsection according to the same requirements, conditions, and limitations as provided pursuant to section 422.11L.
     13. The taxes imposed under this subchapter shall be reduced by a workforce housing investment tax credit allowed under section 15.355, subsection 3.
     14. The taxes imposed under this subchapter shall be reduced by a Hoover presidential library tax credit allowed under section 15E.364.
     15. The taxes imposed under this subchapter shall be reduced by an employer child care tax credit allowed pursuant to section 237A.31.
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