Text: SSB02011 Text: SSB02013 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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 and1 6primarily used in processing by a manufacturerconsumed 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: SSB02011 Text: SSB02013 Text: SSB02000 - SSB02099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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