"Inventory"

# (1)

materials held for processing or for use in production;

# (2)

finished or partially finished goods of a manufacturer or processor;

# (3)

property held for sale in the ordinary course of trade or business; and

# (4)

uniforms, garments, linens, and facilities services supplies owned, held, possessed, or controlled for the purpose of rental or lease in the ordinary course of trade or business.

(b) The term includes:

(1) items that qualify as inventory under 50 IAC 4.2-5-1 (as effective December 31,
2008); and

(2) subject to subsection (c), a mobile home or manufactured home that:

(A) does not qualify as real property;

(B) is located in a mobile home community;

(C) is unoccupied; and

(D) is owned and held for sale or lease by the owner of the mobile home community.

(c) Subsection (b)(2) applies regardless of whether the mobile home that is held for sale or lease is new or was previously owned.
As added by P.L.146-2008, SEC.47. Amended by P.L.182-2009(ss), SEC.84; P.L.235-2017,
SEC.1; P.L.154-2020, SEC.1.