House
File
90
-
Introduced
HOUSE
FILE
90
BY
HEARTSILL
A
BILL
FOR
An
Act
modifying
the
rebate
of
sales
and
use
tax
to
the
owner
or
1
operator
of
a
raceway
facility.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1647YH
(2)
87
mm/sc
H.F.
90
Section
1.
Section
423.4,
subsection
11,
paragraph
c,
1
subparagraph
(4),
subparagraph
division
(a),
Code
2017,
is
2
amended
to
read
as
follows:
3
(a)
Twenty-five
percent
of
the
The
total
project
costs,
as
4
determined
by
the
department,
if
such
a
project
is
undertaken
5
by
the
owner
or
operator.
For
purposes
of
this
subparagraph
6
division,
“project
costs”
means
costs
incurred
by
the
owner
or
7
operator
in
connection
with
the
planning,
design,
construction,
8
and
installation
of
property
that
becomes
an
integral
part
9
of
the
project
under
contract
which
project
upon
completion
10
becomes
part
of
the
raceway
facility,
and
other
costs
incurred
11
by
the
owner
or
operator
in
connection
with
the
project
that
12
are
customarily
associated
with
the
renovation,
remodeling,
13
reconstruction,
expansion,
equipping,
or
improvement
of
14
real
property.
Project
costs
shall
be
determined
after
the
15
department
receives
notification
of
completion
of
the
project
16
pursuant
to
paragraph
“b”
,
subparagraph
(2),
subparagraph
17
division
(b).
However,
if
rebates
cease
because
of
a
change
of
18
control
of
the
raceway
facility
as
provided
in
paragraph
“c”
,
19
subparagraph
(5),
project
costs
shall
be
determined
as
of
the
20
date
the
change
of
control
occurs.
21
EXPLANATION
22
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
23
the
explanation’s
substance
by
the
members
of
the
general
assembly.
24
This
bill
modifies
the
rebate
of
sales
and
use
tax
to
25
the
owner
or
operator
of
a
raceway
facility.
The
rebate
26
is
available
for
sales
tax
collected
on
purchases
made
at
27
the
raceway
facility,
and
for
sales
and
use
tax
paid
by
a
28
contractor
in
completion
of
a
project
at
the
raceway
facility,
29
provided
the
sales
tax
was
collected
or
paid
between
January
1,
30
2015,
and
January
1,
2025.
Under
current
law,
the
total
rebate
31
is
limited
to
the
lesser
of
$2
million
or
25
percent
of
the
32
project
costs,
if
such
a
project
is
undertaken
at
the
raceway
33
facility.
The
bill
amends
this
cap
to
provide
that
the
total
34
rebate
is
limited
to
the
lesser
of
$2
million
or
the
total
35
-1-
LSB
1647YH
(2)
87
mm/sc
1/
2
H.F.
90
project
costs,
if
such
a
project
is
undertaken
at
the
raceway
1
facility.
2
-2-
LSB
1647YH
(2)
87
mm/sc
2/
2