|LAWS OF THE 2001 REGULAR SESSION
OF THE SEVENTY-NINTH
GENERAL ASSEMBLY OF THE STATE OF IOWA
Section 1. Section 422.45, Code 2001, is amended by adding the following new subsection:
NEW SUBSECTION. 26A. The gross receipts from the sale or rental of irrigation equipment, whether installed above or below ground, to a contractor or farmer if the equipment will be primarily used in agricultural operations.
Sec. 2. REFUNDS. Refunds of taxes, interest, or penalties which arise from claims resulting from the enactment of section 422.45, subsection 26A, in this Act, for sales occurring between April 1, 1995, and the effective date of this Act, shall be limited to twenty-five thousand dollars in the aggregate and shall not be allowed unless refund claims are filed prior to October 1, 2001, notwithstanding any other provision of law. If the amount of claims totals more than twenty-five thousand dollars in the aggregate, the department of revenue and finance shall prorate the twenty-five thousand dollars among all claimants in relation to the amounts of the claimants' valid claims.
Sec. 3. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY PROVISION. This Act, being deemed of immediate importance, takes effect upon enactment and applies retroactively to April 1, 1995.
Approved May 18, 2001
Updated: 29-Oct-2001 03:22 PM