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IN HB1205
Bill
Status
1/13/2015
Primary Sponsor
Lloyd Arnold
Click for details
AI Summary
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Amends Indiana Code sections 6-2.5-4-2, 6-2.5-5-2, and 6-2.5-5-5.1 to extend gross retail tax exemptions to timber harvesting operations.
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Adds "timber harvesting" to the list of businesses eligible for wholesale sales exemptions when purchasing tangible personal property for direct consumption as materials in direct production.
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Extends agricultural machinery, tools, and equipment tax exemptions to include property acquired for direct use in timber harvesting and processing.
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Applies the "double direct test" for tax exemptions to timber harvesting materials and equipment, treating them the same as traditional agricultural operations.
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Effective July 1, 2015.
Legislative Description
State gross retail tax. Specifies that the double direct test for the gross retail tax exemption for agricultural machinery, tools, and equipment applies to agricultural machinery, tools, and equipment that is acquired for the direct use in the direct production of timber harvesting.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015