Iowa Admin. Code r. 701-221.2
Current through Register Vol. 47, No.14, January 8, 2025
Charges for returning tangible personal property after the agreed-upon date that are true demurrage charges supported by a written agreement do not constitute taxable sales, and the charges are exempt from tax.
This rule is intended to implement Iowa Code sections 423.1(51) and 423.2.
Iowa Admin. Code r. 701-221.2
ARC 8163C, IAB 7/24/24, effective 8/28/24