IN HB1325

Exempts aircraft from Indiana use tax when delivered to the state solely for repair, refurbishment, remanufacture, completion work, or prepurchase evaluation, provided the aircraft is titled/registered in another state or country and transported out of Indiana after the work is completed

Extends sales tax exemption for professional motor racing vehicle parts to include two-seater Indianapolis 500 style race cars used by companies offering competitive racing experiences

Creates sales tax exemption for tangible personal property (including excise tax meter machines and related supplies) acquired for the exclusive purpose of complying with tobacco excise tax stamp requirements under IC 6-7

Establishes sales tax exemption for materials, parts, equipment, and engines used in repair, maintenance, refurbishment, remodeling, or remanufacturing of foreign-registered aircraft weighing at least 5,000 pounds or equipped with turboprop/turbojet engines, when performed by FAA-certified repair stations

Directs the Commission on State Tax and Financing Policy to study whether the foreign aircraft repair exemption should be expanded to cover all aircraft, with findings due before November 1, 2012