IC 6-2.5-5-37: Professional motor racing vehicle parts exemption; two-seater Indy car exemption; tires and accessories excluded

Sec. 37. (a) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:

(1) is leased, owned, or operated by a professional racing team; and

(2) comprises any part of a professional motor racing vehicle, excluding tires and accessories.

(b) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:

(1) is leased, owned, or operated by a company that is engaged in offering a competitive racing experience during a competitive racing event; and

(2) comprises any part of a two-seater Indianapolis 500 style race car, excluding tires and accessories.