Indiana Code 6-2.5-4-16.2. Aircraft leasing or renting and flight instruction services
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Sec. 16.2. (a) This section applies to transactions occurring after June 30, 2008.
(1) leases or rents an aircraft to another person; and
(b) A person is a retail merchant making a retail transaction when the person:
Terms Used In Indiana Code 6-2.5-4-16.2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(2) provides flight instruction services to the lessee or renter during the term of the lease or rental.
(c) The amount of the gross retail income attributable to a retail transaction described in subsection (b) is the amount charged by the retail merchant for the lease or rental of the aircraft used in conjunction with the flight instruction services provided to the lessee or renter.
As added by P.L.1-2009, SEC.47.