Text: S05123 Text: S05125 Text: S05100 - S05199 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2128 as follows: 1 2 #1. Page 1, by inserting after line 2 the 1 3 following: 1 4 "Sec. . Section 331.557, subsection 3, Code 1 5 1995, is amended to read as follows: 1 6 3. Collect the use tax on vehicles subject to 1 7 registration as provided in sections 423.6,and423.7, 1 8 and 423.7A. 1 9 Sec. . Section 423.2, Code 1995, is amended to 1 10 read as follows: 1 11 423.2 IMPOSITION OF TAX. 1 12 An excise tax is imposed on the use in this state 1 13 of tangible personal property purchased for use in 1 14 this state, at the rate of five percent of the 1 15 purchase price of the property. An excise tax is 1 16 imposed on the use of leased vehicles at the rate of 1 17 five percent of the amount otherwise subject to tax as 1 18 calculated pursuant to section 423.7A. The excise tax 1 19 is imposed upon every person using the property within 1 20 this state until the tax has been paid directly to the 1 21 county treasurer or the state department of 1 22 transportation, to a retailer, or to the department. 1 23 An excise tax is imposed on the use in this state of 1 24 services enumerated in section 422.43 at the rate of 1 25 five percent. This tax is applicable where services 1 26 are rendered, furnished, or performed in this state or 1 27 where the product or result of the service is used in 1 28 this state. This tax is imposed on every person using 1 29 the services or the product of the services in this 1 30 state until the user has paid the tax either to an 1 31 Iowa use tax permit holder or to the department. 1 32 Sec. . Section 423.4, Code 1995, is amended by 1 33 adding the following new subsection: 1 34 NEW SUBSECTION. 16. Vehicles subject to 1 35 registration under chapter 321, with a gross vehicle 1 36 weight rating of less than sixteen thousand pounds, 1 37 excluding motorcycles and motorized bicycles, when 1 38 purchased for lease and titled by the lessor licensed 1 39 pursuant to chapter 321F and actually leased for a 1 40 period of twelve months or more if the lease of the 1 41 vehicle is subject to taxation under section 423.7A. 1 42 Sec. . Section 423.6, subsection 1, Code 1995, 1 43 is amended to read as follows: 1 44 1. The tax upon the use of all vehicles subject to 1 45 registration or subject only to the issuance of a 1 46 certificate of title shall be collected by the county 1 47 treasurer or the state department of transportation 1 48 pursuant tosectionsections 423.7 and 423.7A. The 1 49 county treasurer shall retain one dollar from each tax 1 50 payment collected, to be credited to the county 2 1 general fund. 2 2 Sec. . NEW SECTION. 423.7A MOTOR VEHICLE 2 3 LEASE TAX. 2 4 1. The tax imposed upon the use of leased vehicles 2 5 subject to registration under chapter 321, with gross 2 6 vehicle weight ratings of less than sixteen thousand 2 7 pounds, excluding motorcycles and motorized bicycles, 2 8 which are leased by a lessor licensed pursuant to 2 9 chapter 321F for a period of twelve months or more 2 10 shall be paid by the owner of the vehicle to the 2 11 county treasurer or state department of transportation 2 12 from whom the registration receipt or certificate of 2 13 title is obtained. A registration receipt for a 2 14 vehicle subject to registration or issuance of a 2 15 certificate of title shall not be issued until the tax 2 16 is paid in the initial instance. 2 17 2. The amount subject to tax shall be computed on 2 18 each separate lease transaction by multiplying the 2 19 number of months of the lease by the monthly lease 2 20 payments, plus the downpayment, less any 2 21 manufacturer's rebate. The county treasurer or the 2 22 state department of transportation shall require every 2 23 applicant for a registration receipt for a vehicle 2 24 subject to tax under this section to supply informa- 2 25 tion as the county treasurer or director deems 2 26 necessary as to the date of the lease transaction, the 2 27 lease price, and other information relative to the 2 28 lease of the vehicle. 2 29 3. On or before the tenth day of each month the 2 30 county treasurer or the state department of 2 31 transportation shall remit to the department the 2 32 amount of the taxes collected during the preceding 2 33 month. 2 34 4. If the lease is terminated prior to the 2 35 termination date contained in the lease agreement, no 2 36 refund shall be allowed for tax previously paid on the 2 37 monthly rental payments. 2 38 Sec. . Section 423.24, subsection 1, unnumbered 2 39 paragraph 1, Code Supplement 1995, is amended to read 2 40 as follows: 2 41 Eighty percent of all revenues derived from the use 2 42 tax on motor vehicles, trailers, and motor vehicle 2 43 accessories and equipment as collected pursuant to 2 44 section 423.7 and section 423.7A shall be deposited 2 45 and credited as follows:" 2 46 #2. Page 2, by inserting after line 3 the 2 47 following: 2 48 "Sec. . APPLICABILITY. The section of this Act 2 49 which enacts section 423.7A applies to leases entered 2 50 into on or after July 1, 1996." 3 1 #3. Title page, line 4, by inserting after the 3 2 word "revenues," the following: "providing for use 3 3 tax payments for leased vehicles,". 3 4 #4. Title page, line 5, by inserting after the 3 5 word "state" the following: ", and providing an 3 6 applicability provision". 3 7 #5. By renumbering as necessary. 3 8 3 9 3 10 3 11 MICHAEL E. GRONSTAL 3 12 SF 2128.502 76 3 13 js/jw
Text: S05123 Text: S05125 Text: S05100 - S05199 Text: S Index Bills and Amendments: General Index Bill History: General Index
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