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
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Mon Mar 4 09:34:06 CST 1996
URL: /DOCS/GA/76GA/Legislation/HF/00000/HF00026/950112.html
jhf