423D.1 Definitions. 1. For the purposes of this chapter, unless the context otherwise requires: a. “Construction” means new construction, reconstruction, alterations, expansion, or remodeling of real property or structures. b. “Contractor” includes contractors, subcontractors, and builders, but not owners. c. “Department” means the department of revenue. d. “Equipment” means self-propelled building equipment, pile drivers, and […]
423D.2 Tax imposed. A tax of five percent is imposed on the sales price or purchase price of all equipment sold or used in the state of Iowa. This tax shall be collected and paid over to the department by any retailer, retailer maintaining a place of business in this state, or user who would […]
423D.3 Exemptions. There is exempted from tax imposed by this chapter the following: 1. The sales price on the lease or rental of equipment to contractors for direct and primary use in construction. 2. The sales price or purchase price of equipment exempt from the equipment tax as provided in section 29C.24. 2005 Acts, ch […]
423D.4 Administration by director. 1. The director of revenue shall administer the excise tax on the sale and use of equipment as nearly as possible in conjunction with the administration of the state sales and use tax law, except that portion of the law which implements the streamlined sales and use tax agreement. The director […]
