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Text: SF02443                           Text: SF02445
Text: SF02400 - SF02499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index


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Senate File 2444

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.42, subsection 5, paragraph a, Code
  1  2 Supplement 1995, is amended to read as follows:
  1  3    a.  That discounts for any purpose allowed and taken on
  1  4 sales shall not be included in gross receipts if excessive
  1  5 sales tax on the discounted amount is not collected from the
  1  6 purchaser, nor and gross receipts shall not include the sale
  1  7 price of property returned by customers when the total sale
  1  8 price thereof is refunded either in cash or by credit.  
  1  9                           EXPLANATION
  1 10    This bill rewords a portion of the definition of "gross
  1 11 receipts" for purposes of state sales tax.  Under current law,
  1 12 the amount of the reduction in sales price on a discounted
  1 13 sale is not taxable to the purchaser, nor is it included in
  1 14 the gross receipts upon which the retailer must remit the 5
  1 15 percent state sales tax to the state.  This bill does not
  1 16 change current law.  
  1 17 LSB 3643SS 76
  1 18 sc/jj/8
     
Text: SF02443                           Text: SF02445
Text: SF02400 - SF02499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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