Iowa Admin. Code r. 701-10.77

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 701-10.77 - Interest

(1)Cigarettes. There shall be assessed interest at the rate established by rule 701-102. (421) from the due date of the tax to the date of payment counting each fraction of a month as an entire month. For the purpose of computing the due date of any unpaid tax, a FIFO inventory method shall be used for cigarettes and stamps. See rule 701-106. (421) for examples of penalty and interest.

(2)Tobacco. The interest rate on delinquent tobacco tax is the rate established by rule 701-102. (421) counting each fraction of a month as an entire month. If an assessment for taxes due is not allocated to any given month, the interest shall accrue from the date of assessment. See rule 701-106. (421) for examples of penalty and interest.

This rule is intended to implement Iowa Code sections 453A.28 and 453A.46.

Iowa Admin. Code r. 701-10.77