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SF 596 - Electronic Downloads Tax Creation and Regulation Adjustments for Cigarette Retailers - Iowa Key Vote

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Title: Electronic Downloads Tax Creation and Regulation Adjustments for Cigarette Retailers

Vote Smart's Synopsis:

Vote to pass a bill that imposes a sales tax on electronic downloads, makes certain changes in the administration of specific state taxes, and provides penalties for violators of cigarette retail regulations.

Highlights:

-Imposes a five percent tax on audiovisual works, audio works, books, computer software, or ring tones sold as digital products for electronic distribution (sec. 18). -Requires county and city budgets to include a tax increment financing budget for each urban renewal area in the county or city (sec. 3-5). -Removes the ten percent penalty for filing a late inheritance tax return if the return is filed within nine months of death or sixty days from the date that the beneficiary files a disclaimer refusing to take responsibility for the property (sec. 7-8). -Extends the five percent tax on services to all banks, savings banks, credit unions, and savings and loan associations created under the laws of any state and doing business in Iowa (sec. 17). -Imposes civil penalties for the selling of cigarettes below cost, with a $200 penalty for the first offense, a $500 penalty for the second offense, and a $1,000 penalty for subsequent offenses (sec. 26). -Requires that retail cigarette permits be publicly displayed (sec. 29). -Permits the director of the Department of Revenue to require that frequent carriers of cigarettes submit monthly reports concerning tobacco shipped into and out of Iowa (sec. 33). -Provides a penalty for cigarette tax evasion of $200 for the first violation, $500 for a second violation within three years of the first violation, and $1000 for subsequent violations within three years of the first violation (sec. 44). -Allows the Department of Revenue to hire auditors to examine the records of an entity holding a retail cigarette permit, and to charge the retailer for the cost of the audit if the retailer is found to have evaded cigarette taxes (sec. 45).

Title: Electronic Downloads Tax Creation and Regulation Adjustments for Cigarette Retailers

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