Indiana Code 6-2.5-5-23. School building materials
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Terms Used In Indiana Code 6-2.5-5-23
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- school: means a public or private elementary or secondary school containing students in any grade from grade 1 through grade 12. See Indiana Code 6-2.5-5-38.1
Sec. 23. Transactions involving tangible personal property are exempt from the state gross retail tax, if the person acquiring the property acquires it for incorporation into a school building which is being constructed by a lessor corporation in accordance with a lease executed under IC 20-47-2 or IC 20-47-3.
As added by Acts 1980, P.L.52, SEC.1. Amended by P.L.2-2006, SEC.67.