Indiana Code 6-6-6.5-10.7. Excise tax on inventory aircraft; assessment, reporting, remission of tax, penalties, and interest; aircraft held other than for inventory use
(b) Each year a dealer shall submit to the department:
Terms Used In Indiana Code 6-6-6.5-10.7
- Aircraft: means a device which is designed to provide air transportation for one (1) or more individuals or for cargo. See Indiana Code 6-6-6.5-1
- Dealer: means a person who has an established place of business in this state, is required to obtain a certificate under Indiana Code 6-6-6.5-1
- Department: refers to the department of state revenue. See Indiana Code 6-6-6.5-1
- Inventory aircraft: means an aircraft held for resale by a registered Indiana dealer. See Indiana Code 6-6-6.5-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) a completed form 7695 for each inventory aircraft.
(c) The dealer shall compute the amount of aircraft excise tax due and remit the full amount along with any forms prescribed by the department.
(d) For aircraft deleted from the inventory list, the dealer shall provide complete sale information and shall submit the applicable information if directed to by the department.
(e) A dealer who fails to file and remit the excise tax due for all inventory aircraft as required by the department is subject to the penalty and interest provision of this chapter for each inventory aircraft omitted.
(f) A dealer who holds aircraft for other than inventory use is subject to the nondealer provisions contained in this chapter regarding those specific aircraft.
As added by P.L.65-1997, SEC.17. Amended by P.L.245-2015, SEC.23.