Sec. 10. (a) The amount of boat excise tax that a boat owner shall pay for a boating year is based on the boat's class and age.
(b) Motorized boats and sailboats are classified for excise tax purposes according to the value of the boat when the boat was new. The amount of excise tax for a boating year that is imposed for a motorized boat or a sailboat and owed by the boat owner is prescribed in the following table:
MOTORIZED BOAT'S or SAILBOAT'S VALUE
CLASS
WHEN NEW
TAX DUE
AT LEAST but
LESS THAN
1
$
0.01
$
500
$
2
2
500
1,000
6
3
1,000
1,500
20
4
1,500
2,000
30
5
2,000
3,000
42
6
3,000
5,000
55
7
5,000
7,500
70
8
7,500
10,000
88
9
10,000
15,000
110
10
15,000
22,500
150
11
22,500
35,000
200
12
35,000
50,000
275
13
50,000
75,000
375
14
75,000 or more
500
The bureau of motor vehicles shall adopt rules under IC 4-22-2 for determining the value of new boats. A tax paid under subsection (c) may be used as a credit against the taxes owed for the same boating year under this subsection.
(c) Notwithstanding subsection (b), the amount of excise tax imposed and owed by a boat owner is twelve dollars ($12) for a motorized boat or a sailboat that is stored in Indiana for sixty (60) consecutive days or more but not operated, used, or docked in Indiana waters, except to facilitate storage of the boat.
As added by P.L.98-1989, SEC.1. Amended by P.L.33-1990, SEC.17; P.L.71-1991, SEC.1; P.L.81-1993, SEC.2; P.L.64-1996, SEC.1.
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