Iowa Code

Iowa Code § 422.34 (2026)

Exempted corporations and organizations

✓ current as of July 2026

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The following organizations and corporations shall be exempt from taxation under this subchapter:

1. All state, national, private, cooperative, and savings banks, credit unions, title insurance and trust companies, federally chartered savings and loan associations, production credit associations, insurance companies or insurance associations, reciprocal or inter-insurance exchanges, fraternal beneficiary associations, and investment subsidiaries included on a return due to an election under section 422.60, subsection 1, paragraph “b”.

2. a. An organization described in section 501 of the Internal Revenue Code unless the exemption is denied under section 501, 502, 503, or 504 of the Internal Revenue Code.

b. An organization that would have qualified as an organization exempt from federal income tax under section 501(c)(19) of the Internal Revenue Code but for the fact that the requirement that substantially all of the members who are not past or present members of the United States armed forces is not met because such members include ancestors or lineal descendants, shall be considered for purposes of the exemption from taxation under this subchapter as an organization exempt from federal income tax under section 501(c)(19) of the Internal Revenue Code. [C35, §6943-f30; C39, §6943.066; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §422.34] 92 Acts, 2nd Ex, ch 1001, §239, 251; 94 Acts, ch 1165, §20; 2003 Acts, ch 142, §9; 2010 Acts, ch 1061, §56; 2012 Acts, ch 1017, §82; 2020 Acts, ch 1062, §94; 2024 Acts, ch 1094, §20, 24, 25 Referred to in §421.27, 422.25A, 422.33, 422.37 2024 amendment to subsection 1 applies to tax years beginning on or after January 1, 2025; 2024 Acts, ch 1094, §25 \n

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 1974–2025 · leading case: Myria Holdings Inc. & Subs v. Iowa Dep't of Revenue, 892 N.W.2d 343 (Iowa 2017).

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Myria Holdings Inc. & Subs v. Iowa Dep't of Revenue, 892 N.W.2d 343 (Iowa 2017). · cites it 2× “Because the subsidiaries’ tax obligations accrued daily but were paid to Myria on a quarterly basis, the Group contends Myria provided working capital to NGPL and PipeCo and thus engaged in an activity distinct from the routine functions of ownership and control contemplated by…”

Iowa Nat'l Indus. Loan Co. v. Iowa State Dep't of Revenue, 224 N.W.2d 437 (Iowa 1974). “Epworth Savings Bank was not included in the Iowa returns because of the provisions of § 422.34(1), The Code, which exempt banking institutions from the payment of Iowa income tax.”

Unbridled Spirits Thoroughbred Ret. Ranch, Inc. v. Carl J. Riechers & Elizabeth A. Riechers (Iowa Ct. App. 2025). · cites it 2× “Meanwhile, the primary reason a non-profit entity is treated different than a for- profit entity is for purposes of determining taxation as a result of their differing profit motives, see Iowa Code § 422.34 (exempting entities “described in section 501 of the Internal Revenue…”

— Iowa Code § 422.34(1) — 1 case

— Iowa Code § 422.34(5) — 1 case

Myria Holdings Inc. & Subs v. Iowa Dep't of Revenue, 892 N.W.2d 343 (Iowa 2017). “Because the subsidiaries’ tax obligations accrued daily but were paid to Myria on a quarterly basis, the Group contends Myria provided working capital to NGPL and PipeCo and thus engaged in an activity distinct from the routine functions of ownership and control contemplated by…”

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