Text: HSB00699 Text: HSB00701 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 423.4, subsection 10, Code Supplement 1 2 1997, is amended by adding the following new unnumbered 1 3 paragraph: 1 4 NEW UNNUMBERED PARAGRAPH. For the purposes of this 1 5 subsection, if a vehicle meets the requirement that twenty- 1 6 five percent of the miles operated accrues in states other 1 7 than Iowa in each year of the first four-year period of 1 8 operation, the exemption from use tax shall continue until the 1 9 vehicle is sold or transferred. If the vehicle is found to 1 10 have not met the exemption requirements or the exemption was 1 11 revoked, the value of the vehicle upon which the use tax shall 1 12 be imposed is the book or market value, whichever is less, at 1 13 the time the exemption requirements were not met or the 1 14 exemption was revoked. 1 15 EXPLANATION 1 16 Present law allows a use tax exemption for commercial 1 17 vehicles which are used substantially in interstate commerce. 1 18 To be used "substantially in interstate commerce", at least 25 1 19 percent of the miles operated by the vehicle must be in states 1 20 other than Iowa. The bill provides that if this 25 percent 1 21 minimum requirement is met for each year of the first four- 1 22 year period of operation, the exemption would continue until 1 23 the vehicle is sold or transferred. 1 24 The bill also provides that if the exemption requirements 1 25 are not met or the exemption is revoked, the tax is imposed on 1 26 the lesser of the book value or market value at the time the 1 27 requirements are not met or the exemption is revoked. 1 28 LSB 4377HC 77 1 29 mg/cf/24
Text: HSB00699 Text: HSB00701 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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