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House Bill 1490


House Bill 1490

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB1490 (Updated February 25, 2009 6:17 pm - DI 84)


Sales tax exemptions. Extends the gross retail tax exemption on cargo trailer and recreational vehicle sales to residents of states that do not provide a reciprocal sales tax exemption to Indiana residents. Provides that an aircraft is exempt from the gross retail tax if the gross lease revenue derived from leasing the aircraft is equal to or greater than: (1) the book value of the aircraft; or (2) the net acquisition price of the aircraft. (Current law provides that the aircraft is exempt from the gross retail tax if the amount of lease revenue is equal to or greater than: (1) 10% of the original cost or the book value of the aircraft; or (2) 7.5% of the original cost or book value of the aircraft if the value of the aircraft was at least $1,000,000.) Provides that if a person meets the threshold criteria be being considered exempt, the department of state revenue (department) has the burden of showing the aircraft is not exempt from the gross retail tax. Provides that a person may appeal to the department to lower the threshold if the actual price paid for the aircraft is below the book value. Allows a person to request certain waivers from the department pertaining to the threshold. Provides that a person must meet the threshold requirements for thirteen years in order for the aircraft to be exempt from the gross retail tax. Provides that a person who acquires an aircraft with the intent to rent or lease the aircraft to another person for use in public transportation may elect a partial exemption equal to 75% of the aircraft's net acquisition price.
Current Status:
 In Committee - 2nd House
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