IN HB1471

Creates a new sales and use tax refund for building owners whose property is damaged or destroyed by disasters (floods, storms, tornadoes, hurricanes, earthquakes, or terrorist attacks) occurring after December 31, 2011

Applies only to buildings located in counties declared federal disaster areas by the President under 42 U.S.C. 5121 et seq.

Refunds cover the full state gross retail tax and use tax paid on building materials used to repair damaged buildings or construct replacement buildings in the disaster area

Building materials purchased by either the property owner or a contractor working under contract with the owner qualify for the refund

Refund claims must be filed with the Indiana Department of Revenue within three years of the disaster date, and building owners are not required to return any refund amount to contractors or original tax collectors