Text: HSB00123 Text: HSB00125 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.45, Code 1999, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 55. The gross receipts from the sale of 1 4 industrial gases, such as argon, oxygen, and acetylene, to be 1 5 used in the manufacturing process. 1 6 Sec. 2. REFUNDS. Refunds of taxes, interest, or penalties 1 7 which arise from claims resulting from the enactment of 1 8 section 422.45, subsection 55, in this Act, for sales 1 9 occurring between January 1, 1991, and effective date of this 1 10 Act, shall be limited to twenty-five thousand dollars in the 1 11 aggregate and shall not be allowed unless refund claims are 1 12 filed prior to October 1, 1999, notwithstanding any other 1 13 provision of law. If the amount of claims totals more than 1 14 twenty-five thousand dollars in the aggregate, the department 1 15 of revenue and finance shall prorate the twenty-five thousand 1 16 dollars among all claimants in relation to the amounts of the 1 17 claimants' valid claims. 1 18 Sec. 3. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY 1 19 PROVISION. This Act, being deemed of immediate importance, 1 20 takes effect upon enactment and applies retroactively to 1 21 January 1, 1991. 1 22 EXPLANATION 1 23 The bill exempts from the sales and use taxes the sale of 1 24 industrial gases like argon, oxygen, and acetylene to be used 1 25 in the manufacturing process. The bill makes the exemption 1 26 retroactive to sales made on or after January 1, 1991. 1 27 Refunds may be claimed for taxes paid as a result of this 1 28 retroactivity. However, the aggregate amount of refund claims 1 29 to be paid shall not exceed $25,000 and claims must be filed 1 30 by October 1, 1999. If the amount does exceed this amount, 1 31 each refund is prorated. 1 32 LSB 2212HC 78 1 33 mg/jw/5
Text: HSB00123 Text: HSB00125 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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