Bill Text: IA HF660 | 2023-2024 | 90th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A bill for an act relating to sales tax rebates for a raceway facility and making tax provision corrections. (Formerly HF 198.) Effective date: 07/01/2023.
Spectrum: Committee Bill
Status: (Passed) 2023-06-01 - Signed by Governor. H.J. 1042. [HF660 Detail]
Download: Iowa-2023-HF660-Introduced.html
Bill Title: A bill for an act relating to sales tax rebates for a raceway facility and making tax provision corrections. (Formerly HF 198.) Effective date: 07/01/2023.
Spectrum: Committee Bill
Status: (Passed) 2023-06-01 - Signed by Governor. H.J. 1042. [HF660 Detail]
Download: Iowa-2023-HF660-Introduced.html
House
File
660
-
Introduced
HOUSE
FILE
660
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
198)
A
BILL
FOR
An
Act
relating
to
sales
tax
rebates
for
a
raceway
facility.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
TLSB
1446HV
(1)
90
jm/jh
H.F.
660
Section
1.
Section
423.2A,
subsection
2,
paragraph
g,
Code
1
2023,
is
amended
to
read
as
follows:
2
g.
Beginning
the
first
day
of
the
quarter
following
July
3
1,
2014,
transfer
to
the
raceway
facility
tax
rebate
fund
4
created
in
section
423.4,
subsection
11
,
paragraph
“e”
,
that
5
portion
of
the
sales
tax
receipts
collected
and
remitted
upon
6
sales
of
tangible
personal
property
or
services
furnished
by
7
retailers
at
a
raceway
facility
meeting
the
qualifications
of
8
section
423.4,
subsection
11
,
that
remains
after
the
transfers
9
required
in
paragraphs
“a”
through
“f”
of
this
subsection
10
2
.
This
paragraph
is
repealed
June
30,
2025
2030
,
or
thirty
11
days
following
the
date
on
which
an
amount
of
total
rebates
12
specified
in
section
423.4,
subsection
11
,
paragraph
“c”
,
13
subparagraph
(3),
subparagraph
division
(b),
has
been
provided
14
or
thirty
days
following
the
date
on
which
rebates
cease
as
15
provided
in
section
423.4,
subsection
11
,
paragraph
“c”
,
16
subparagraph
(4),
whichever
is
earliest.
17
Sec.
2.
Section
423.4,
subsection
11,
paragraph
c,
18
subparagraph
(3),
unnumbered
paragraph
1,
Code
2023,
is
amended
19
to
read
as
follows:
20
The
transactions
described
in
paragraph
“b”
for
which
sales
21
or
use
tax
was
collected
and
the
rebate
is
sought
occurred
on
22
or
after
January
1,
2015,
but
before
January
1,
2025
2030
.
23
However,
the
total
amount
of
rebates
provided
pursuant
to
24
this
subsection
shall
not
exceed
the
lesser
of
the
following
25
amounts:
26
Sec.
3.
Section
423.4,
subsection
11,
paragraph
c,
27
subparagraph
(3),
subparagraph
division
(a),
Code
2023,
is
28
amended
to
read
as
follows:
29
(a)
The
amount
of
project
costs
incurred
and
paid
by
the
30
owner
or
operator
on
or
after
May
16,
2018.
For
purposes
of
31
this
subsection
,
“project
costs”
means
costs
incurred
and
paid
32
by
the
owner
or
operator
in
connection
with
the
construction
33
and
installation
of
new
property
or
of
modifications
to
34
existing
property
if
such
property
upon
completion
of
one
or
35
-1-
LSB
1446HV
(1)
90
jm/jh
1/
3
H.F.
660
more
projects
becomes
or
remains
part
of
the
raceway
facility
1
and
constitutes
the
renovation,
remodeling,
reconstruction,
2
expansion,
equipping,
or
improvement
of
real
property
that
3
comprises
the
raceway
facility.
“Project
costs”
does
not
4
include
any
amount
of
cost
that
is
not
substantiated
to
the
5
department
pursuant
to
subparagraphs
(1)
and
(2)
within
ninety
6
days
of
the
date
it
is
paid
by
the
owner
or
operator.
7
Sec.
4.
Section
423.4,
subsection
11,
paragraph
g,
Code
8
2023,
is
amended
to
read
as
follows:
9
g.
This
subsection
is
repealed
June
30,
2025
2030
,
or
10
thirty
days
following
the
date
on
which
one
million
eight
11
hundred
thousand
dollars
in
total
rebates
have
been
provided
12
and
no
overpayment
of
rebates
exists,
or
thirty
days
following
13
the
date
on
which
rebates
cease
as
provided
in
paragraph
14
“c”
,
subparagraph
(4),
and
no
overpayment
of
rebates
exists,
15
whichever
is
earliest.
16
EXPLANATION
17
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
18
the
explanation’s
substance
by
the
members
of
the
general
assembly.
19
This
bill
relates
to
sales
tax
rebates
for
a
raceway
20
facility.
21
Under
current
law,
the
sales
tax
receipts
collected
and
22
remitted
upon
sales
of
tangible
personal
property
or
services
23
furnished
by
retailers
at
a
raceway
facility
are
rebated
to
24
the
raceway
facility
until
the
earliest
occurrence
of
any
of
25
the
following:
June
30,
2025;
the
rebate
amount
equals
the
26
project
costs
incurred
by
the
owner
or
the
total
rebate
amount
27
equals
$1.8
million,
whichever
is
less;
or
the
ownership
of
the
28
raceway
facility
changes.
29
The
bill
changes
the
date
the
rebate
program
must
end
from
30
June
30,
2025,
to
June
30,
2030,
if
any
of
the
other
conditions
31
requiring
the
end
of
the
program
have
not
been
met.
32
The
bill
strikes
the
definition
of
“project
costs”
which
33
relates
to
the
allowable
sales
tax
rebate
amount
of
the
owner
34
or
operator
of
a
raceway
to
the
lesser
amount
of
the
following:
35
-2-
LSB
1446HV
(1)
90
jm/jh
2/
3