78-614 3/01 - Approved Lease Tax Worksheet (Page 2 of 2) in pdf

78-614 3/01 - Approved Lease Tax Worksheet Page 2

Motor Vehicle Lease Tax (MVLT)

Out-of-State Tax Credit Worksheet

This worksheet is for use by county treasurers only.

It calculates the amount of tax due to Iowa when a lessee brings a leased vehicle into Iowa.

SEE “NOTE” BELOW.

1. Enter the qualifying state tax paid up-front in the other state ............................. 1. _____________________

2. Enter the total lease term .................................................................................... 2. _____________________

3. Divide line 1 by line 2 ......................................................................................... 3. _____________________

4. Enter the number of months from the time the vehicle enters

Iowa until the expiration of the lease ................................................................. 4. _____________________

5. Multiply line 3 by line 4 ...................................................................................... 5. _____________________

6. Compute the amount of Iowa tax due on the lease

for the remaining months (See the MVLT worksheet.) ..................................... 6. _____________________

7. Subtract line 5 from the amount computed for line 6. ........................................ 7. _____________________

The difference shown is the amount of MVLT.

If the difference is zero or a negative amount, enter zero.

IOWA LAW DOES NOT ALLOW FOR REFUNDS OF MVLT

Note: This worksheet may be used only if the leased

vehicle is moving in from one of the 10 states

reported in the July 21, 2000, letter to the county

treasurers. Those states are:

Arizona

Illinois

Kentucky

Missouri

Nebraska

Nevada

New Jersey

Rhode Island

South Carolina

Utah

78-614 (3/01)

OWA DEPARTMENT OF

EVENUE AND

INANCE

78-614 3/01 - Approved Lease Tax Worksheet Page 2