Text: HF00025 Text: HF00027 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.45, subsection 27, paragraph a,
1 2 Code 1995, is amended to read as follows:
1 3 a. The industrial machinery, equipment and computers shall
1 4 be directly and primarily used in the manner described in
1 5 section 428.20 in processing tangible personal property or in
1 6 research and development of new products or processes of
1 7 manufacturing, refining, purifying, combining of different
1 8 materials or packing of meats to be used for the purpose of
1 9 adding value to products, or in processing or storage of data
1 10 or information by an insurance company, professional
1 11 corporation, financial institution, or commercial enterprise,
1 12 or in the recycling or reprocessing of waste products. As
1 13 used in this paragraph:
1 14 (1) "Insurance company" means an insurer organized or
1 15 operating under chapters 508, 514, 515, 518, 519, 520 or
1 16 authorized to do business in Iowa as an insurer and having
1 17 fifty or more persons employed in this state excluding
1 18 licensed insurance agents.
1 19 (2) "Financial institutions" means as defined in section
1 20 527.2, subsection 9.
1 21 (3) "Commercial enterprise" includes businesses and
1 22 manufacturers conducted for profit and includes centers for
1 23 data processing services to insurance companies, financial
1 24 institutions, businesses and manufacturers but excludes
1 25 professions and occupations and nonprofit organizations.
1 26 (4) "Professional corporation" means a professional
1 27 corporation organized or operating under chapter 496C or a
1 28 foreign professional corporation organized under laws other
1 29 than the laws of this state.
1 30 EXPLANATION
1 31 This bill expands the sales tax exemption for industrial
1 32 machinery and equipment and computers to include industrial
1 33 machinery and equipment and computers purchased or leased by a
1 34 domestic or foreign professional corporation operating in
1 35 Iowa.
2 1 LSB 1283HH 76
2 2 sc/cf/24
Text: HF00025 Text: HF00027 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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