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Indiana Code — Title 6 (Taxation)

IC 6-1.1-10-41

Exempt property purchased under contract of sale by person

Official textiga.in.govlast amended

not qualifying for exemption
Sec. 41. (a) This section does not apply to a contract described in section 5.5 of this chapter.

(b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter:

# (1)

is being purchased under a contract of sale by another person:

# (A)

whose real or personal property is not exempt from taxation; and

# (B)

who is not engaged in an exempt purpose with the real or personal property; and

# (2)

the contract of sale does not make the real or personal property taxable;
the real or personal property shall be assessed and taxed as if the real or personal property were owned by the purchaser or the purchaser's assignee.

As added by P.L.31-1994, SEC.1.

Amendment history

As added by P.L.31-1994, SEC.1.

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