Iowa Franchise Tax Credit

Article ID: 34906  

Iowa Franchise Tax Credit


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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Views: 1035 Created on: Jun 15, 2013