§ 36-7-32.5-16.5 — State gross retail and use tax paid or collected by a contractor; report

Indiana § 36-7-32.5-16.5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32.5: Innovation Development Districts

Text

5. (a) A contractor that provides tangible
personal property incorporated into real property in a project located in
an innovation development district shall maintain records of all state
gross retail and use tax paid or collected during a state fiscal year for
the tangible personal property incorporated into the real property in
projects located in an innovation development district.
(b) A contractor may issue an exemption certificate under IC 6-2.5-8-8 to a vendor when purchasing tangible personal property to be
incorporated into real property located in an innovation development
district.
(c) A contractor that issues an exemption certificate to a vendor
under subsection (b) is liable for collecting gross retail tax from the
customer on the tangible personal property if the contractor uses a time
and materials contract, or when accruing and remitting state use tax on
the purchase price of the tangible personal property if the contractor
uses a lump sum contract.
(d) A contractor shall report the following to the department of state
revenue, disaggregated by project, annually for each state fiscal year:
(1) The amount of state gross retail and use taxes paid or collected
by a contractor with respect to tangible personal property
incorporated into real property in a project located in an
innovation development district.
(2) The issuing of any exemption certificates by the contractor
under subsection (b).
A contractor shall report the information required under this subsection
for a state fiscal year not later than the July 31 immediately following
the end of the state fiscal year.

Legislative History

As added by P.L.201-2023, SEC.276.