IA
Iowa House Bill HF683

Iowa 2023-2024 Regular Session

Iowa House Bill HF683

Introduced
3/23/23  
Engrossed
4/13/23  
Introduced
3/23/23  
Refer
4/18/23  
Engrossed
4/13/23  

Caption

A bill for an act relating to the excise tax imposed on the handling of grain, including by providing for transfer of collected revenue to the grain depositors and sellers indemnity fund, providing for the future elimination of the excise tax, and including effective date and retroactive applicability provisions.(Formerly HSB 230.)

Impact

The most significant impact of HF683 is the cessation of the excise tax on grain handled from January 1, 2023, onwards, which reflects a shift in how state law treats revenue collection from agricultural practices. The legislation reaffirms support for the grain depositors and sellers indemnity fund, providing a safety net for individuals affected by potential failures of licensed grain dealers. This reallocation of funds is expected to encourage more stable transactions in the grain market and enhance the protections available to farmers and sellers against financial loss.

Summary

House File 683 addresses the excise tax imposed on the handling of grain in Iowa. The bill proposes to transfer the collected revenue from this tax to the grain depositors and sellers indemnity fund, which is intended to protect individuals selling grain to licensed grain dealers or depositing grain with licensed warehouse operators. Additionally, the bill outlines provisions for the eventual elimination of the excise tax on grain handling, with the intent to relieve financial burdens from stakeholders in the agricultural sector.

Contention

While supporters of HF683 argue that eliminating the tax eases financial burdens on the agricultural community and encourages business within the state, discussions around the bill may include contentious views regarding the sufficiency of the indemnity fund and concerns about ensuring effective oversight of licensed grain dealers. Some legislators may express worry that the elimination of the excise tax could reduce state revenue, prompting debates over how to create a balanced approach that supports farmers while maintaining necessary funding for state programs.

Latest HF683 Activity

Companion Bills

IA HSB230

Related A bill for an act repealing the excise tax on the handling of grain.(See HF 683.)

Previously Filed As

IA HF2657

A bill for an act repealing the excise tax on the handling of grain.(Formerly HSB 734.)

IA HF999

A bill for an act providing for the marketing of grain by licensed warehouse operators and grain dealers, including by providing for indemnity fees and the indemnification of grain depositors and sellers for losses following the cessation of a license or bankruptcy, and including effective date provisions.(Formerly HF 508, HSB 131.)

IA SF608

A bill for an act regulating the marketing of grain, by providing for fees paid by grain dealers and warehouse operators into the grain depositors and sellers indemnity fund, and the payment of claims to reimburse sellers and depositors for losses covered by the fund, and including effective date and applicability provisions. (Formerly SSB 1131.) Effective date: 05/27/2025, 07/01/2025. Applicability date: 10/24/2022.

IA HF508

A bill for an act providing for the marketing of grain by licensed warehouse operators and grain dealers, including by providing for indemnity fees and the indemnification of grain depositors and sellers for losses following the cessation of a license or bankruptcy.(Formerly HSB 131; See HF 999.)

IA HSB230

A bill for an act repealing the excise tax on the handling of grain.(See HF 683.)

IA HSB734

A bill for an act repealing the excise tax on the handling of grain.(See HF 2657.)

IA SF2401

A bill for an act regulating the marketing of grain, by providing for fees paid by grain dealers and warehouse operators into the grain depositors and sellers indemnity fund, and the payment of claims to reimburse sellers and depositors for losses covered by the fund, and including effective date provisions. (Formerly SF 2393, SSB 3174.)

IA SF2393

A bill for an act regulating the marketing of grain, by providing for fees paid by grain dealers and warehouse operators into the grain depositors and sellers indemnity fund, and the payment of claims to reimburse sellers and depositors for losses covered by the fund, and including effective date provisions.(Formerly SSB 3174; See SF 2401.)

IA HSB572

A bill for an act providing for certain fees deposited in the grain depositors and sellers indemnity fund, making penalties applicable, and including effective date provisions.

IA HSB131

A bill for an act providing for the marketing of grain by licensed warehouse operators and grain dealers, including by providing for indemnity fees and the indemnification of grain depositors and sellers for losses following the cessation of a license or bankruptcy.(See HF 508, HF 999.)

Similar Bills

No similar bills found.