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House Bill 1325


House Bill 1325

ARCHIVE (2012)

Latest Information

 

DIGEST OF HB 1325 (Updated March 8, 2012 8:50 pm - DI 84)


Sales and use tax exemptions. Specifies the use tax exemption for certain aircraft when there is an addition to or reconfiguration of the interior of an aircraft. Specifies when delivery occurs. Provides a sales and use tax exemption for transactions involving tangible personal property by a company that is engaged in offering a competitive racing experience in a two-seater Indianapolis 500 style race car during a competitive racing event. Provides an exemption from the state gross retail tax for tangible personal property acquired for the exclusive purpose of complying with the state tobacco tax laws. Provides a sales and use tax exemption for transactions involving tangible personal property related to the repair, maintenance, refurbishment, remodeling, or remanufacturing of an aircraft or an avionics systems of an aircraft with a country of registration that is outside the United States and that either: (1) has a minimum landing weight of at least 5,000 pounds; or (2) is equipped with a turboprop or turbojet power plant. Requires the commission on state tax and financing policy to study issues related to whether the exemption should be made to apply to all aircraft and avionic devices.
Current Status:
 Law Enacted
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