Iowa Admin. Code r. 701-284.7

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 701-284.7 - Sales to certain federal corporations

The department holds that the following are some of the federal corporations immune from the imposition of sales and use tax in connection with their purchases:

1. Central Bank for Cooperatives and Banks for Cooperatives

2. Commodity Credit Corporation

3. Farm Credit Banks

4. Farmers Home Administration

5. Federal Credit Unions

6. Federal Crop Insurance Corporation

7. Federal Deposit Insurance Corporation

8. Federal Financing Bank

9. Federal Home Loan Banks

10. Federal Intermediate Credit Banks

11. Federal Land Banks and Federal Land Bank Associations

12. Federal National Mortgage Association

13. Federal Reserve Bank

14. Federal Savings & Loan Insurance Corporation

15. Production Credit Association

16. Student Loan Marketing Association

17. Tennessee Valley Authority

The federal statutes creating the above corporations contain provisions substantially identical with Section 26 of the Federal Farm Loan Act which has been construed as barring the imposition of state and local sales taxes.

This rule is intended to implement Iowa Code sections 422.45(1), 422.45(5), and 423.4(4).

Iowa Admin. Code r. 701-284.7

Editorial change: IAC Supplement 11/2/22