Text: HSB00576 Text: HSB00578 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.45, subsection 26, paragraph b, 1 2 Code Supplement 1999, is amended to read as follows: 1 3 b. The farm machinery and equipment shall constitute self- 1 4 propelled implements or implements customarily drawn or 1 5 attached to self-propelled implementsor the farm machinery or1 6equipment is a grain dryer. 1 7 Sec. 2. Section 422.45, Code Supplement 1999, is amended 1 8 by adding the following new subsections: 1 9 NEW SUBSECTION. 26A. The gross receipts from the sale of 1 10 machinery or equipment used for any of the following: 1 11 a. The blending of fertilizers, including fertilizers, 1 12 soil conditioners, and unmanipulated manure as defined in 1 13 section 200.3. 1 14 b. The preservation or improvement of the condition of 1 15 harvested grain as defined in section 203.1, including 1 16 equipment used to dry, remove moisture from, ventilate, or 1 17 aerate the grain. 1 18 NEW SUBSECTION. 26B. The gross receipts from the sale of 1 19 electricity used in the preservation or improvement of the 1 20 condition of harvested grain as defined in section 203.1, 1 21 including electricity used to dry, remove moisture from, 1 22 ventilate, or aerate the grain. 1 23 Sec. 3. REFUNDS. Refunds of taxes, interest, or penalties 1 24 which arise from claims resulting from the enactment of 1 25 section 422.45, subsections 26A and 26B, as provided in this 1 26 Act, for sales occurring between January 1, 1988, and the 1 27 effective date of this Act, shall be limited to twenty-five 1 28 thousand dollars in the aggregate and shall not be allowed 1 29 unless refund claims are filed prior to October 1, 2000, 1 30 notwithstanding any other provision of law. If the amount of 1 31 claims totals more than twenty-five thousand dollars in the 1 32 aggregate, the department of revenue and finance shall prorate 1 33 the twenty-five thousand dollars among all claimants in 1 34 relation to the amounts of the claimants' valid claims. 1 35 Sec. 4. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY 2 1 PROVISION. This Act, being deemed of immediate importance, 2 2 takes effect upon enactment and applies retroactively to 2 3 January 1, 1988. 2 4 EXPLANATION 2 5 This bill amends Code section 422.45 which provides 2 6 exemptions from the retail sales tax imposed on the gross 2 7 receipts from all sales of tangible personal property. 2 8 Specifically, the bill exempts gross receipts from the sale of 2 9 equipment used for blending fertilizers and preserving or 2 10 improving the condition of harvested grain. The bill also 2 11 exempts the gross receipts from the sale of electricity used 2 12 in the preservation or improvement of the condition of 2 13 harvested grain. 2 14 The bill eliminates a current Code provision which exempts 2 15 the gross receipts of farm machinery used in grain drying. 2 16 The bill takes effect upon enactment and applies 2 17 retroactively to January 1, 1988. The bill provides a 2 18 procedure for filing refund claims. 2 19 LSB 5794HC 78 2 20 da/cls/14
Text: HSB00576 Text: HSB00578 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2000 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 2 03:35:33 CST 2000
URL: /DOCS/GA/78GA/Legislation/HSB/00500/HSB00577/000201.html
jhf