Text: HSB00518                          Text: HSB00520
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 519

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.45, subsection 27, paragraph b,
  1  2 Code Supplement 1997, is amended to read as follows:
  1  3    b.  The gross receipts from the sale of fuel used in
  1  4 creating heat, power, steam, or for generating electrical
  1  5 current, or from the sale of electricity, directly and
  1  6 primarily used in processing by a manufacturer consumed by
  1  7 computers, machinery, or equipment used in an exempt manner
  1  8 described in paragraph "a", subparagraph (1), (2), (3), (5),
  1  9 or (6).
  1 10    Sec. 2.  Section 422.45, subsection 27, paragraph c, Code
  1 11 Supplement 1997, is amended by adding the following new
  1 12 subparagraph:
  1 13    NEW SUBPARAGRAPH.  (4)  Vehicles subject to registration,
  1 14 except vehicles subject to registration which are directly and
  1 15 primarily used in recycling or reprocessing of waste products.
  1 16    Sec. 3.  Section 422.45, subsection 27, paragraph d, Code
  1 17 Supplement 1997, is amended by adding the following new
  1 18 subparagraph:
  1 19    NEW SUBPARAGRAPH.  (6)  "Receipt or producing of raw
  1 20 materials" means activities performed upon tangible personal
  1 21 property only.  With respect to raw materials produced from or
  1 22 upon real estate, the receipt or producing of raw materials is
  1 23 deemed to occur immediately following the severance of the raw
  1 24 materials from the real estate.
  1 25    Sec. 4.  RETROACTIVE APPLICABILITY DATE.  This Act is
  1 26 effective July 1, 1997, for sales and taxable uses occurring
  1 27 on or after that date.  
  1 28                           EXPLANATION
  1 29    This bill amends the statute which exempts sales of certain
  1 30 industrial machinery, equipment, computers, fuel, and
  1 31 electricity from tax.  It expands the exemption allowed to
  1 32 sales of fuel and electricity used in computers, machinery,
  1 33 and equipment.  The bill provides that sales of vehicles
  1 34 subject to registration are not exempt machinery or equipment
  1 35 sales unless the vehicles are directly and primarily used in
  2  1 recycling or reprocessing of waste products.  The bill also
  2  2 defines "receipt or producing of raw materials" to confine the
  2  3 phrase to activities performed on tangible personal property
  2  4 only.  Finally, the bill is retroactive to July 1, 1997, for
  2  5 sales or taxable uses occurring on or after that date.  
  2  6 LSB 3232DP 77
  2  7 sc/cf/24.1
     

Text: HSB00518                          Text: HSB00520
Text: HSB00500 - HSB00599               Text: HSB 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: Wed Feb 4 03:43:36 CST 1998
URL: /DOCS/GA/77GA/Legislation/HSB/00500/HSB00519/980126.html
jhf