Sec. 15. (a) If a taxable aircraft becomes subject to registration or taxation after the regular annual registration date in a year, the tax imposed by this chapter shall become due and payable at the time the aircraft becomes subject to registration and the amount of tax to be paid by the owner for the remainder of the year shall be reduced by the lesser of (1) ninety percent (90%) of the tax or (2) ten percent (10%) of the tax for each full calendar month which has elapsed since the regular annual registration date in that year.

     (b) The tax reduction under this section shall not apply to persons who claim a tax credit under section 13(c) of this chapter.

Formerly: Acts 1975, P.L.68, SEC.1. As amended by Acts 1977, P.L.87, SEC.9; P.L.65-1997, SEC.19; P.L.1-2009, SEC.56.

Terms Used In Indiana Code 6-6-6.5-15

  • 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
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • Owner: means a person who holds or is required to obtain a certificate of registration from the Federal Aviation Administration for a specific aircraft. See Indiana Code 6-6-6.5-1
  • Regular annual registration date: means the last day of December of each year. See Indiana Code 6-6-6.5-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
  Previous section
Next section  
 Chapter 6.5 Contents