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INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES, §422.111
422.111 Fuel tax credit as income tax credit.
The fuel tax credit may be applied against the income tax liability of the person or
corporation as determined on the tax return filed for the year in which the fuel tax was paid.
The department shall provide forms for claiming the fuel tax credit. If the fuel tax credit
would result in an overpayment of income tax, the person or corporation may apply for
a refund of the amount of overpayment or may have the overpayment credited to income
tax due in subsequent years. Each person or corporation that claims a fuel tax credit shall
maintain the original invoices showing the purchase of the fuel on which a credit is claimed.
An invoice is not acceptable in support of a claim for credit unless the invoice is a separate
serially numbered invoice covering no more than one purchase of motor fuel or undyed
special fuel, prepared by the seller on a form approved by the department, or unless the
invoice is legibly written with no corrections or erasures and shows the date of sale, the
name and address of the seller and of the purchaser, the kind of fuel, the gallonage in figures,
the per gallon price of the fuel, the total purchase price including the Iowa fuel tax, and that
the total purchase price has been paid. However, as to refund invoices made on a billing
machine, the department may waive these requirements. If an original invoice is lost or
destroyed, the department may approve a credit supported by a copy identified and certified
by the seller as being a true copy of the original. Each person or corporation that claims a
fuel tax credit shall maintain complete records of purchases of motor fuel or undyed special
fuel on which Iowa fuel tax was paid, and for which a fuel tax credit is claimed.
In order to verify the validity of a claim for credit the department shall have the right
to require the claimant to furnish such additional proof of validity as the department may
determine and to examine the books and records of the claimant. Failure of the claimant to
furnish the books and records for examination shall constitute a waiver of rights to claim
a credit related to that taxpayer’s year and the department may disallow the entire credit
claimed by the taxpayer for that year.
[C75, 77, §422.87; C79, 81, §422.111]
88 Acts, ch 1205, §24; 99 Acts, ch 151, §27, 28, 89
Wed Feb 08 03:45:10 2017
Iowa Code 2017, Section 422.111 (11, 0)
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