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.
As added by P.L.19-1994, SEC.6. Amended by P.L.193-2005, SEC.9; P.L.153-2012, SEC.2.
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