Text: H09286 Text: H09288 Text: H09200 - H09299 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 2560 as follows: 1 2 #1. Page 2, by inserting after line 3 the 1 3 following: 1 4 "Sec. ___. Section 422.45, Code Supplement 1997, 1 5 is amended by adding the following new subsection: 1 6 NEW SUBSECTION. 38B. The gross receipts from the 1 7 sale or rental of tangible personal property 1 8 permanently affixed or attached as a component part of 1 9 the aircraft, including but not limited to repair or 1 10 replacement materials or parts; and the gross receipts 1 11 of all services used for aircraft repair, remodeling, 1 12 and maintenance services when such services are 1 13 performed on aircraft, aircraft engines, or aircraft 1 14 component materials or parts. For the purposes of 1 15 this exemption, "aircraft" means aircraft used in 1 16 nonscheduled interstate federal aviation 1 17 administration-certified air carrier operation 1 18 operating under 14 C.F.R. ch. 1, pt. 135. 1 19 Sec. ___. Section 422.45, Code Supplement 1997, is 1 20 amended by adding the following new subsection: 1 21 NEW SUBSECTION. 38C. The gross receipts from the 1 22 sale of aircraft to an aircraft dealer who in turn 1 23 rents or leases the aircraft if all of the following 1 24 apply: 1 25 a. The aircraft is kept in the inventory of the 1 26 dealer for sale at all times. 1 27 b. The dealer reserves the right to immediately 1 28 take the aircraft from the renter or lessee when a 1 29 buyer is found. 1 30 c. The renter or lessee is aware that the dealer 1 31 will immediately take the aircraft when a buyer is 1 32 found. 1 33 If an aircraft exempt under this subsection is used 1 34 for any purpose other than leasing or renting, or the 1 35 conditions in paragraphs "a", "b", and "c" are not 1 36 continuously met, the dealer claiming the exemption 1 37 under this subsection is liable for the tax that would 1 38 have been due except for this subsection. The tax 1 39 shall be computed upon the original purchase price." 1 40 #2. Title page, line 1, by inserting after the 1 41 word "fees" the following: "and sales tax 1 42 exemptions". 1 43 1 44 1 45 1 46 VAN FOSSEN of Scott 1 47 BELL of Jasper 1 48 HF 2560.201 77 1 49 mg/jl/28
Text: H09286 Text: H09288 Text: H09200 - H09299 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Sat Apr 18 03:46:26 CDT 1998
URL: /DOCS/GA/77GA/Legislation/H/09200/H09287/980417.html
jhf