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Iowa Franchise Tax Credit

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Question
Iowa Franchise Tax Credit

Answer

If a financial institution as defined in Section 581 of the Internal Revenue Code elects to file as an S corporation for Federal income tax purposes and therefore have its income taxed directly to the shareholders, those shareholders qualify for a Franchise Tax Credit.

The credit cannot exceed the shareholder’s pro rata share of the Iowa franchise tax paid by the financial institution.

 

 


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Article Details
Views: 786 Created on: Jun 15, 2013
Date updated: Sep 15, 2015
Posted in: STATES, Iowa

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