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IN SB0025
Bill
AI Summary
SB 25 Summary
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Eliminates the automatic reclassification of aircraft from dealer inventory status to nondealer property status after 18 months of holding by the dealer.
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Allows dealers to elect to reclassify aircraft back to dealer inventory status for aircraft held on July 1, 2015 that were previously reclassified before that date.
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Entitles dealers who reclassify aircraft to claim a credit against unpaid registration fees, state gross retail or use taxes, penalties, and interest resulting from the prior reclassification.
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Permits dealers to apply for refunds of registration fees and state gross retail or use taxes paid due to the aircraft reclassification, subject to IC 6-8.1-9-1 limitations.
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Takes effect July 1, 2015, with the reclassification provisions expiring July 1, 2018.
Legislative Description
Aircraft license excise tax. Eliminates the provision in current law that automatically reclassifies an aircraft in an aircraft dealer's inventory from the status of "aircraft inventory" to the status of "property of a nondealer" after the aircraft dealer has held the aircraft in inventory for 18 months. Provides that a dealer who has had an aircraft reclassified out of the dealer's aircraft inventory because of the provision may: (1) elect to return the aircraft to the dealer's aircraft inventory; and (2) obtain a refund of the registration fees and sales or use taxes that were required to be paid when
Last Action
First Reading: referred to Committee on Ways and Means
3/2/2015