Text: HF00544 Text: HF00546 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.45, Code 2001, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 26A. The gross receipts from the sale or
1 4 rental of irrigation equipment, whether installed above or
1 5 below ground, to a contractor or farmer if the equipment will
1 6 be primarily used in agricultural operations.
1 7 Sec. 2. REFUNDS. Refunds of taxes, interest, or penalties
1 8 which arise from claims resulting from the enactment of
1 9 section 422.45, subsection 26A, in this Act, for sales
1 10 occurring between April 1, 1995, and the effective date of
1 11 this Act, shall be limited to twenty-five thousand dollars in
1 12 the aggregate and shall not be allowed unless refund claims
1 13 are filed prior to October 1, 2001, notwithstanding any other
1 14 provision of law. If the amount of claims totals more than
1 15 twenty-five thousand dollars in the aggregate, the department
1 16 of revenue and finance shall prorate the twenty-five thousand
1 17 dollars among all claimants in relation to the amounts of the
1 18 claimants' valid claims.
1 19 Sec. 3. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY
1 20 PROVISION. This Act, being deemed of immediate importance,
1 21 takes effect upon enactment and applies retroactively to April
1 22 1, 1995.
1 23 EXPLANATION
1 24 The bill exempts irrigation equipment from sales and use
1 25 taxes when purchased by a contractor or farmer if the
1 26 equipment will be primarily used in agricultural operations.
1 27 The bill takes effect upon enactment and applies retroactively
1 28 to April 1, 1995. Because of the retroactive application, any
1 29 claims for refunds of taxes paid are limited to $25,000 in the
1 30 aggregate.
1 31 LSB 2902HH 79
1 32 mg/cls/14
Text: HF00544 Text: HF00546 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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