Bill Text: IA HF2470 | 2011-2012 | 84th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A bill for an act providing for sales and use taxes collected on farm machinery and equipment. Effective 7-1-12.
Spectrum: Committee Bill
Status: (Passed) 2012-05-25 - Signed by Governor. H.J. 963. [HF2470 Detail]
Download: Iowa-2011-HF2470-Introduced.html
Bill Title: A bill for an act providing for sales and use taxes collected on farm machinery and equipment. Effective 7-1-12.
Spectrum: Committee Bill
Status: (Passed) 2012-05-25 - Signed by Governor. H.J. 963. [HF2470 Detail]
Download: Iowa-2011-HF2470-Introduced.html
House
File
2470
-
Introduced
HOUSE
FILE
2470
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
667)
A
BILL
FOR
An
Act
providing
for
sales
and
use
taxes
collected
on
farm
1
machinery
and
equipment.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5629HV
(2)
84
da/sc
H.F.
2470
Section
1.
Section
423.3,
subsection
8,
Code
Supplement
1
2011,
is
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
c.
For
purposes
of
this
subsection,
3
machinery
and
equipment
qualifies
for
the
exemption
as
4
farm
machinery
and
equipment
under
paragraph
“a”
,
if
it
5
is
manufactured
for
use
in
agricultural
production
and
is
6
manufactured
to
be
pulled
by,
or
attached
to,
self-propelled
7
farm
machinery
and
equipment.
8
EXPLANATION
9
This
bill
provides
for
an
exemption
from
sales
and
use
taxes
10
imposed
on
machinery
and
equipment
sold
for
farm
use
(Code
11
sections
423.3
and
423.6).
The
exemption
applies
to
machinery
12
and
equipment
directly
and
primarily
used
in
agricultural
13
production.
The
bill
provides
that
machinery
and
equipment
14
qualifies
for
the
exemption
if
it
is
manufactured
for
use
in
15
agricultural
production
and
is
manufactured
to
be
pulled
by,
or
16
attached
to,
self-propelled
farm
machinery
and
equipment.
17
-1-
LSB
5629HV
(2)
84
da/sc
1/
1
