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IN SB0502
Bill
Status
1/14/2015
Primary Sponsor
Mark Messmer
Click for details
AI Summary
Senate Bill 502 Summary
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Amends Indiana Code sections governing state gross retail tax exemptions for agricultural machinery, tools, and equipment to explicitly include timber harvesting operations.
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Adds "timber harvesting" to the definition of wholesale sales in IC 6-2.5-4-2, allowing timber harvesting businesses the same tax treatment as manufacturing, processing, refining, repairing, mining, agriculture, and horticulture operations.
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Extends gross retail tax exemptions under IC 6-2.5-5-2 and IC 6-2.5-5-5.1 to machinery and equipment acquired for direct use in timber harvesting, applying the same "double direct test" (direct use in direct production) required for other agricultural operations.
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Effective date is 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 acquired for the direct use in the direct production of timber harvesting.
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/14/2015