Sec. 16.5. (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.
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Terms Used In Indiana Code 36-7-32.5-16.5
- Contract: A legal written agreement that becomes binding when signed.
- contractor: has the meaning set forth in Indiana Code 36-7-32.5-1.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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.
As added by P.L.201-2023, SEC.276.
