Introduced Version






SENATE BILL No. 339

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-2.5-5-1.2.

Synopsis: State gross retail tax. Provides a sales tax exemption for feed or seed purchased by a person for the person's direct use in the direct production of food and food ingredients for the person's own personal consumption. (The exemption in current law is limited to purchases of feed or seed that is used in commercial farming.)

Effective: July 1, 2013.





Kruse




    January 8, 2013, read first time and referred to Committee on Tax and Fiscal Policy.







Introduced

First Regular Session 118th General Assembly (2013)


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.
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SENATE BILL No. 339



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

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

SOURCE: IC 6-2.5-5-1.2; (13)IN0339.1.1. -->     SECTION 1. IC 6-2.5-5-1.2 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 1.2. A transaction involving feed or seed is exempt from the state gross retail tax if the person acquiring the feed or seed acquires it for the person's direct use in the direct production of food and food ingredients for personal consumption by the person.
SOURCE: ; (13)IN0339.1.2. -->     SECTION 2. [EFFECTIVE JULY 1, 2013] (a) IC 6-2.5-5-1.2, as added by this act, applies only to retail transactions occurring after June 30, 2013.
    (b) Except as provided in subsection (c), a retail transaction is considered to have occurred after June 30, 2013, if the property whose transfer constitutes selling at retail is delivered to the purchaser or to the place of delivery designated by the purchaser after June 30, 2013.
    (c) Notwithstanding the delivery of the property constituting selling at retail after June 30, 2013, a transaction is considered to

have occurred before July 1, 2013, to the extent that:
        (1) the agreement of the parties to the transaction is entered into before July 1, 2013; and
        (2) full payment for the property furnished in the transaction is made before July 1, 2013.
    (d) This SECTION expires January 1, 2014.