Text: SSB03052 Text: SSB03054 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.45, subsection 27, paragraph c,
1 2 subparagraph (3), Code Supplement 2001, is amended to read as
1 3 follows:
1 4 (3) Industrial machinery, equipment, and computers,
1 5 including pollution control equipment, within the scope of
1 6 section 427A.1, subsection 1, paragraphs "h" and "i".
1 7 However, the gross receipts from the sale of a turbine,
1 8 including replacement parts, that is to be used and is in fact
1 9 used in an electric power generating plant newly constructed
1 10 in Iowa on or after the effective date of this bill, and that
1 11 is sold to an electric company, electric cooperative, or a
1 12 municipal utility, are exempt from the tax imposed by this
1 13 division. For purposes of this subparagraph, "electric
1 14 company", "electric cooperative", "electric power generating
1 15 plant", and "municipal utility" shall have the meanings as
1 16 provided in section 437A.3.
1 17 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
1 18 immediate importance, takes effect upon enactment.
1 19 EXPLANATION
1 20 This bill provides an exemption from the sales and use tax
1 21 under Code section 422.45. The exemption applies to a turbine
1 22 that is used in an electric power generating plant, newly
1 23 constructed in Iowa on or after the effective date of the
1 24 bill. The bill is effective upon enactment.
1 25 LSB 5066XC 79
1 26 jj/cls/14
Text: SSB03052 Text: SSB03054 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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