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Indiana Administrative Code (Last Updated: December 20, 2016) |
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Title 45. DEPARTMENT OF STATE REVENUE |
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Article 45IAC2.2. SALES AND USE TAX |
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Rule 45IAC2.2-3. Use Tax |
Section 45IAC2.2-3-10. Procedure when tax paid on construction material when purchased by contractor
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A contractor has no further liability for either the state gross retail tax or use tax with respect to construction material acquired by the contractor in a taxable transaction, provided the contractor disposes of such property in the following manner:
(1) He converts the construction material into realty on land he owns and then sells the improved real estate;
(2) He utilizes the construction material for his own benefit and does not resell or transfer such property to others; or
(3) Lump sum contract. He converts the construction material into realty on land he does not own pursuant to a contract that includes all elements of cost in the total contract price.
(Department of State Revenue; Ch. 3, Reg. 6-2.5-3-2(c)(040); filed Dec 1, 1982, 10:35 am: 6 IR 13)