Text: SSB00250 Text: SSB00252 Text: SSB00200 - SSB00299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.45, subsection 18, Code 1997, is 1 2 amended to read as follows: 1 3 18. Gross receipts from the sale of tangible personal 1 4 property, except vehicles subject to registration, to a person 1 5 regularly engaged in the business of leasingif the period of1 6the lease is for more than one year,or in the consumer rental 1 7 purchase business if the property is to be utilized in a 1 8 transaction involving a consumer rental purchase agreement as 1 9 defined in section 537.3604, subsection 8, and the leasing or 1 10 consumer rental of the property is subject to taxation under 1 11 this division. If tangible personal property exempt under 1 12 this subsection is made use of for any purpose other than 1 13 leasing, renting, or consumer rental purchase, the person 1 14 claiming the exemption under this subsection is liable for the 1 15 tax that would have been due except for this subsection. The 1 16 tax shall be computed upon the original purchase price. The 1 17 aggregate of the tax paid on the leasing, renting, or rental 1 18 purchase of such tangible personal property, not to exceed the 1 19 amount of the sales tax owed, shall be credited against the 1 20 tax. This sales tax is in addition to any sales or use tax 1 21 that may be imposed as a result of the disposal of such 1 22 tangible personal property. 1 23 Sec. 2. REFUNDS. Refunds of taxes, interest, or penalties 1 24 which arise from claims resulting from the enactment of the 1 25 amendment to section 422.45, subsection 18, in this Act, for 1 26 sales and uses occurring between July 1, 1991, and June 30, 1 27 1997, shall not be allowed unless refund claims are filed 1 28 prior to October 1, 1997, notwithstanding any other provision 1 29 of law. If the amount of refund claims totals more than 1 30 twenty-five thousand dollars in the aggregate, the department 1 31 of revenue and finance shall prorate the twenty-five thousand 1 32 dollars among all claimants in proportion to the amounts of 1 33 the claimants' valid claims. 1 34 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 35 being deemed of immediate importance, takes effect upon 2 1 enactment and applies retroactively to July 1, 1991, for sales 2 2 made or uses occurring on or after that date. 2 3 EXPLANATION 2 4 This bill exempts from the sales, service, and use tax 2 5 sales of tangible personal property to leasing businesses who 2 6 lease property for one year or less. Present law allows the 2 7 exemption for those who lease for one year or more. 2 8 This sales tax exemption takes effect upon enactment and 2 9 applies retroactively to July 1, 1991, for sales made and uses 2 10 occurring on or after that date. The bill also requires 2 11 claims for refunds of taxes paid between July 1, 1991, and 2 12 June 30, 1997, to be made prior to October 1, 1997. 2 13 LSB 2742SC 77 2 14 tj/jj/8
Text: SSB00250 Text: SSB00252 Text: SSB00200 - SSB00299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: Senate Bills and Amendments (77th General Assembly)
© 1997 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: Fri Mar 21 03:42:49 CST 1997
URL: /DOCS/GA/77GA/Legislation/SSB/00200/SSB00251/970320.html
jhf