Text: HF00568 Text: HF00570 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN 1 1 Section 1. Section 331.557, subsection 3, Code 1995, is 1 2 amended to read as follows: 1 3 3. Collect the use tax on vehicles subject to registration 1 4 as provided in sections 423.6,and423.7, and 423.7A. 1 5 Sec. 2. Section 423.2, Code 1995, is amended to read as 1 6 follows: 1 7 423.2 IMPOSITION OF TAX. 1 8 An excise tax is imposed on the use in this state of 1 9 tangible personal property purchased for use in this state, at 1 10 the rate of five percent of the purchase price of the 1 11 property. An excise tax is imposed on the use of leased 1 12 vehicles at the rate of five percent of the amount otherwise 1 13 subject to tax as calculated pursuant to section 423.7A. The 1 14 excise tax is imposed upon every person using the property 1 15 within this state until the tax has been paid directly to the 1 16 county treasurer or the state department of transportation, to 1 17 a retailer, or to the department. An excise tax is imposed on 1 18 the use in this state of services enumerated in section 422.43 1 19 at the rate of five percent. This tax is applicable where 1 20 services are rendered, furnished, or performed in this state 1 21 or where the product or result of the service is used in this 1 22 state. This tax is imposed on every person using the services 1 23 or the product of the services in this state until the user 1 24 has paid the tax either to an Iowa use tax permit holder or to 1 25 the department. 1 26 Sec. 3. Section 423.4, Code 1995, is amended by adding the 1 27 following new subsection: 1 28 NEW SUBSECTION. 16. Vehicles subject to registration 1 29 under chapter 321, with a gross vehicle weight rating of less 1 30 than sixteen thousand pounds, excluding motorcycles and 1 31 motorized bicycles, when purchased for lease and titled by the 1 32 lessor licensed pursuant to chapter 321F and actually leased 1 33 for a period of twelve months or more if the lease of the 1 34 vehicle is subject to taxation under section 423.7A. 1 35 Sec. 4. Section 423.6, subsection 1, Code 1995, is amended 2 1 to read as follows: 2 2 1. The tax upon the use of all vehicles subject to 2 3 registration or subject only to the issuance of a certificate 2 4 of title shall be collected by the county treasurer or the 2 5 state department of transportation pursuant tosection2 6 sections 423.7 and 423.7A. The county treasurer shall retain 2 7 one dollar from each tax payment collected, to be credited to 2 8 the county general fund. 2 9 Sec. 5. NEW SECTION. 423.7A MOTOR VEHICLE LEASE TAX. 2 10 1. The tax imposed upon the use of leased vehicles subject 2 11 to registration under chapter 321, with gross vehicle weight 2 12 ratings of less than sixteen thousand pounds, excluding 2 13 motorcycles and motorized bicycles, which are leased by a 2 14 lessor licensed pursuant to chapter 321F for a period of 2 15 twelve months or more shall be paid by the owner of the 2 16 vehicle to the county treasurer or state department of 2 17 transportation from whom the registration receipt or 2 18 certificate of title is obtained. A registration receipt for 2 19 a vehicle subject to registration or issuance of a certificate 2 20 of title shall not be issued until the tax is paid in the 2 21 initial instance. 2 22 2. The amount subject to tax shall be computed on each 2 23 separate lease transaction by multiplying the number of months 2 24 of the lease by the monthly lease payments, plus the 2 25 downpayment, less any manufacturer's rebate. The county 2 26 treasurer or the state department of transportation shall 2 27 require every applicant for a registration receipt for a 2 28 vehicle subject to tax under this section to supply informa- 2 29 tion as the county treasurer or director deems necessary as to 2 30 the date of the lease transaction, the lease price, and other 2 31 information relative to the lease of the vehicle. 2 32 3. On or before the tenth day of each month the county 2 33 treasurer or the state department of transportation shall 2 34 remit to the department the amount of the taxes collected 2 35 during the preceding month. 3 1 4. If the lease is terminated prior to the termination 3 2 date contained in the lease agreement, no refund shall be 3 3 allowed for tax previously paid on the monthly rental 3 4 payments. 3 5 Sec. 6. Section 423.24, subsection 1, unnumbered paragraph 3 6 1, Code Supplement 1995, is amended to read as follows: 3 7 Eighty percent of all revenues derived from the use tax on 3 8 motor vehicles, trailers, and motor vehicle accessories and 3 9 equipment as collected pursuant to section 423.7 and section 3 10 423.7A shall be deposited and credited as follows: 3 11 Sec. 7. APPLICABILITY. This Act applies to leases entered 3 12 into on or after January 1, 1997. 3 13 HF 569 3 14 js/pk/25
Text: HF00568 Text: HF00570 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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