Indiana Code 15-12-3-6. “Net cost”
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Sec. 6. As used in this chapter, “net cost” means:
(2) any discounts, retainage, and prepaid freight or return freight.
(1) the price a retailer paid to a wholesaler, manufacturer, or distributor for inventory; minus
Terms Used In Indiana Code 15-12-3-6
- inventory: means farm or industrial machinery held by a retailer. See Indiana Code 15-12-3-5
- retailer: means a person engaged in the business of selling, at retail, farm or industrial machinery. See Indiana Code 15-12-3-8
- retainage: refers to various purchase, invoice, and other discounts held by the supplier and due the retailer at a later time. See Indiana Code 15-12-3-9
[Pre-2008 Recodification Citation: 15-7-7-6.]
As added by P.L.2-2008, SEC.3.