Iowa Code 437A.24 – Records
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Terms Used In Iowa Code 437A.24
- Assessed value: means the base year assessed value, as adjusted by section 437A. See Iowa Code 437A.3
- Electric company: includes a combination natural gas company and electric company. See Iowa Code 437A.3
- Electric cooperative: means an electric utility provider formed or organized as an electric cooperative under the laws of this state or elsewhere. See Iowa Code 437A.3
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Municipal utility: means all or part of an electric light and power plant system or a natural gas system, either of which is owned by a city, including all land, easements, rights-of-way, fixtures, equipment, accessories, improvements, appurtenances, and other property necessary or useful for the operation of the municipal utility. See Iowa Code 437A.3
- Natural gas company: includes a combination natural gas company and electric company. See Iowa Code 437A.3
- Person: means any individual, firm, association, partnership, joint stock company, joint adventure, corporation, trustee, agency, or receiver, or any legal representative of any of the foregoing. See Iowa Code 453A.42
- property: includes personal and real property. See Iowa Code 4.1
- Replacement tax: means the excise tax imposed on the generation, transmission, delivery, consumption, or use of electricity or natural gas under section 437A. See Iowa Code 437A.3
Each electric company, natural gas company, electric cooperative, municipal utility, and other person who is subject to the replacement tax or the statewide property tax shall maintain records associated with the replacement tax and the assessed value of property subject to the statewide property tax for a period of five years following the later of the original due date for filing a return pursuant to sections 437A.8 and 437A.21 in which such taxes are reported, or the date on which either such return is filed. Such records shall include those associated with any additions or dispositions of property, and the allocation of such property among local taxing districts.