Indiana Code 6-2.5-5-37. Professional motor racing vehicle parts exemption; two-seater Indy car exemption; tires and accessories excluded
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Sec. 37. (a) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:
(2) comprises any part of a professional motor racing vehicle, excluding tires and accessories.
(1) is leased, owned, or operated by a professional racing team; and
Terms Used In Indiana Code 6-2.5-5-37
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:
(1) is leased, owned, or operated by a company that is engaged in offering a competitive racing experience during a competitive racing event; and
(2) comprises any part of a two-seater Indianapolis 500 style race car, excluding tires and accessories.
As added by P.L.19-1994, SEC.6. Amended by P.L.193-2005, SEC.9; P.L.153-2012, SEC.2.