House Journal: Page 1561: Wednesday, April 30, 2003
9 purchase or extend.
10 b. "Lease or rental" includes agreements covering
11 motor vehicles and trailers when the amount of
12 consideration may be increased or decreased by
13 reference to the amount realized upon sale or
14 disposition of the property as defined in 26 U.S.C. §
15 7701(h)(1).
16 c. "Lease or rental" does not include any of the
17 following:
18 (1) A transfer of possession or control of
19 property under a security agreement or deferred
20 payment plan that requires the transfer of title upon
21 completion of the required payments.
22 (2) A transfer of possession or control of
23 property under an agreement that requires the transfer
24 of title upon completion of required payments, and
25 payment of any option price does not exceed the
26 greater of one hundred dollars or one percent of the
27 total required payments.
28 (3) Providing tangible personal property along
29 with an operator for a fixed or indeterminate period
30 of time. A condition of this exclusion is that the
31 operator is necessary for the equipment to perform as
32 designed. For the purpose of this subparagraph, an
33 operator must do more than maintain, inspect, or set
34 up the tangible personal property.
35 d. This definition shall be used for sales and use
36 tax purposes regardless of whether a transaction is
37 characterized as a lease or rental under generally
38 accepted accounting principles, the Internal Revenue
39 Code, the Uniform Commercial Code, or other provisions
40 of federal, state, or local law.
41 23. "Livestock" includes but is not limited to an
42 animal classified as an ostrich, rhea, emu, bison, or
43 farm deer.
44 24. "Manufactured housing" means "manufactured
45 home" as defined in section 321.1.
46 25. "Member state" is any state which has signed
47 the agreement.
48 26. "Mobile home" means "manufactured or mobile
49 home" as defined in section 321.1.
50 27. "Model 1 seller" is a seller that has selected
Page 4
1 a certified service provider as its agent to perform
2 all the seller's sales and use tax functions, other
3 than the seller's obligation to remit tax on its own
4 purchases.
5 28. "Model 2 seller" is a seller that has selected
6 a certified automated system to perform part of its
7 sales and use tax functions, but retains
© 2003 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@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: Tue Jul 29 09:45:00 CDT 2003
URL: /DOCS/GA/80GA/Session.1/HJournal/01500/01561.html
jhf