Text: SF00294 Text: SF00296 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.43, subsection 6, Code 1995, is
1 2 amended to read as follows:
1 3 6. There is imposed a tax of five percent upon the gross
1 4 receipts from the sales of optional service or warranty
1 5 contracts, except residential service contracts regulated
1 6 under chapter 523C, which provide for the furnishing of labor
1 7 and materials and require the furnishing of any taxable
1 8 service enumerated under this section. The gross receipts are
1 9 subject to tax even if some of the services furnished are not
1 10 enumerated under this section. For the purpose of this
1 11 division, the sale of an optional service or warranty
1 12 contract, other than a residential service contract regulated
1 13 under chapter 523C, is a sale of tangible personal property.
1 14 Additional sales, services, or use taxes shall not be levied
1 15 on services, parts, or labor provided under optional service
1 16 or warranty contracts which are subject to tax under this
1 17 section.
1 18 Sec. 2. Section 423.1, subsection 10, Code 1995, is
1 19 amended to read as follows:
1 20 10. "Tangible personal property" means tangible goods,
1 21 wares, merchandise, optional service or warranty contracts,
1 22 except residential service contracts regulated under chapter
1 23 523C, vulcanizing, recapping, or retreading services,
1 24 engraving, photography, retouching, printing, or binding
1 25 services, and gas, electricity, and water when furnished or
1 26 delivered to consumers or users within this state.
1 27 EXPLANATION
1 28 The bill provides that the sales and use taxes on optional
1 29 service or warranty contracts do not include a tax on
1 30 residential service contracts which are regulated by the
1 31 commissioner of insurance.
1 32 LSB 2311SS 76
1 33 mg/jw/5
Text: SF00294 Text: SF00296 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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