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IN SB0244
Bill
Status
1/10/2018
Primary Sponsor
Travis Holdman
Click for details
AI Summary
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Excludes motorized heavy equipment vehicles with a declared gross weight of at least 1,500 pounds from personal property tax assessment effective January 1, 2019.
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Imposes a 2.25% excise tax on rentals of motorized heavy equipment vehicles from Indiana locations, with the renter liable for the tax collected by the rental merchant.
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Tax is sourced to the business location where the equipment is rented and collected using the same procedures as the state gross retail tax.
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Excise tax revenue is deposited in a special state account and distributed to counties twice yearly (May 20 and November 20), then apportioned to taxing units using the same method as property tax distribution.
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Taxing units must deposit received excise tax revenue in their levy excess fund; exemptions apply to rentals by the federal government, state, political subdivisions, and subrents where the original renter already paid the tax.
Legislative Description
Excise tax on heavy equipment. Excludes motorized heavy equipment vehicles from the assessment of the personal property tax. Imposes an excise tax on the rental of motorized heavy equipment vehicles (excise tax). Provides procedures for the sourcing, collection, and distribution of the excise tax. Provides that the excise tax is apportioned and distributed to local governmental units (units) in the same manner that property taxes are apportioned and distributed. Requires the units to deposit the excise taxes in the units' levy excess fund.
Last Action
First reading: referred to Committee on Rules and Legislative Procedure
1/10/2018