House Journal: Page 1565: Wednesday, April 30, 2003
5 consideration, including cash, credit, property, and
6 services, for which personal property or services are
7 sold, leased, or rented, valued in money, whether
8 received in money or otherwise, without any deduction
9 for any of the following:
10 (1) The seller's cost of the property sold.
11 (2) The cost of materials used, labor or service
12 cost, interest, losses, all costs of transportation to
13 the seller, all taxes imposed on the seller, and any
14 other expenses of the seller.
15 (3) Charges by the seller for any services
16 necessary to complete the sale, other than delivery
17 and installation charges.
18 (4) Delivery charges.
19 (5) Installation charges.
20 (6) The value of exempt personal property given to
21 the purchaser where taxable and exempt personal
22 property have been bundled together and sold by the
23 seller as a single product or piece of merchandise.
24 (7) Credit for any trade-in authorized by section
25 423.3, subsection 58.
26 b. "Sales price" does not include:
27 (1) Discounts, including cash, term, or coupons
28 that are not reimbursed by a third party that are
29 allowed by a seller and taken by a purchaser on a
30 sale.
31 (2) Interest, financing, and carrying charges from
32 credit extended on the sale of personal property or
33 services, if the amount is separately stated on the
34 invoice, bill of sale, or similar document given to
35 the purchaser.
36 (3) Any taxes legally imposed directly on the
37 consumer that are separately stated on the invoice,
38 bill of sale, or similar document given to the
39 purchaser.
40 (4) The amounts received for charges included in
41 paragraph "a", subparagraphs (3) through (7), if they
42 are separately contracted for and separately stated on
43 the invoice, billing, or similar document given to the
44 purchaser.
45 48. "Sales tax" means the tax levied under
46 subchapter II of this chapter.
47 49. "Seller" means any person making sales,
48 leases, or rentals of personal property or services.
49 50. "Services" means all acts or services
50 rendered, furnished, or performed, other than services
Page 8
1 used in processing of tangible personal property for
2 use in retail sales or services, for an employer, as
3 defined in section 422.4, subsection 3, for a valuable
© 2003 Cornell College and
League of Women Voters of Iowa
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