Introduced Version






SENATE BILL No. 442

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-2.5-3-5.

Synopsis: Use tax credit. Provides that a person who pays a sales tax to another state on the purchase of a vehicle, watercraft, or aircraft that is required to be titled, registered, or licensed by Indiana is entitled to a credit against the Indiana use tax.

Effective: July 1, 2003.





Young R




    January 21, 2003, read first time and referred to Committee on Finance.







Introduced

First Regular Session 113th General Assembly (2003)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2002 Regular or Special Session of the General Assembly.

SENATE BILL No. 442



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 6-2.5-3-5 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 5. (a) A person is entitled to a credit against the use tax imposed on the use, storage, or consumption of a particular item of tangible personal property equal to the amount, if any, of sales tax, purchase tax, or use tax paid to another state, territory, or possession of the United States for the acquisition of that property.
    (b) The credit provided under subsection (a) does not apply to the use tax imposed on the use, storage, or consumption of vehicles, watercraft, or aircraft that are required to be titled, registered, or licensed by Indiana.
    SECTION 2. [EFFECTIVE JULY 1, 2003] IC 6-2.5-3-5 , as amended by this act, applies to retail transactions occurring after June 30, 2003.