|
Iowa Code section 423.3(47)(a)(4) provides a sales and use tax exemption for purchases of computers and computer peripherals used in processing or storage of data or information by an insurance company, financial institution, or commercial enterprise. These entities are defined in Iowa Code section 423.3(47)(d).
Section 41 of 2022 Iowa Acts, Senate File 2367 strikes the exemption, effective Jan 1, 2024. Therefore, starting January 1, 2024, the purchase of computers and computer peripherals by insurance companies, financial institutions, or commercial enterprises for use in processing or the storage of data or information is subject to Iowa sales and use tax.
The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.
|
