Bills › 90th General Assembly
Where it is now
- Done: IntroducedMarch 11, 2024
- Done: SubcommitteeMarch 12, 2024
- Done: Senate committeeMarch 20, 2024
- Skipped: Passes the SenateContinued as SF 2417
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Became SF 2417 → Its progress continues under the new number. Go to SF 2417 What’s a funnel?
What’s in it
AI summary Iowa would start charging a new tax on the sale of hemp products that people can consume. Instead of paying a regular sales tax on these items, customers would pay this specific excise tax. The money collected from these sales would go into the state's general fund.1
Read the official explanation
This bill establishes an excise tax on the sales price of consumable hemp products sold or purchased in this state.2. The bill imposes an excise tax of percent on the sales price of consumable hemp products, but exempts the sales price of consumable hemp products from the sales tax. The department of revenue (DOR) is required to administer the excise tax. The bill requires DOR to administer the excise tax as nearly as possible in conjunction with the administration of the state sales and use tax laws. The moneys collected from the excise tax imposed in the bill are deposited into the general fund of the state.5.
Senate subcommittee
Named March 12, 2024. On March 13, 2024 it recommended amendment and passage. [].
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
1 written public comment to its subcommittee: March 13, 2024 (1) · on the Legislature’s site
Fiscal note
AI summary This bill creates a 25.0% excise tax on consumable hemp products sold at bars or restaurants and exempts these products from sales and use tax. For the state's General Fund, the bill is estimated to increase revenue by $72,000 in fiscal year 2025 and $78,000 in fiscal year 2029. The bill is estimated to decrease the SAVE Fund by $3,600 in fiscal year 2025 and by $3,900 in fiscal year 2029, and decrease LOST distributions by $3,500 in fiscal year 2025 and by $3,800 in fiscal year 2029.3
From the note: Senate File 2417 is estimated to impact annual revenues to the General Fund, the SAVE Fund, and the LOST by the amounts in Figure 1.
- Consumable Hemp Products, Excise Tax · March 26, 2024
Iowa Code it changes
Creates§423H.1§423H.2§423H.3§423H.4
Amends§423.3
Lobbying
2 for · 1 against · 12 undecided · Who →
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90th General Assembly