Sec. 17. (a) The owner of a boat who sells or otherwise disposes of the boat in a year in which the boat owner has paid the tax imposed by this chapter is entitled to receive a credit equal to the remainder of:
(1) the tax paid for the boat; minus
(2) one-twelfth (1/12) for each full or partial calendar month that has elapsed from the date the tax was due to the date of the sale, destruction, or other disposal of the boat.
(b) If the credit is not fully used within ninety (90) days after the date of the sale, destruction, or other disposal of the boat and the amount of the credit is at least four dollars ($4), the bureau shall issue a refund to the owner in the amount of the unused credit, less a fee of three dollars ($3) to cover the costs of processing the refund. The bureau shall deposit the processing fee in the commission fund (established by IC 9-14-14-1).
(c) To claim the credit and refund provided by this section, the owner of the boat must present to the bureau proof of the sale, destruction, or other disposal of the boat.
As added by P.L.98-1989, SEC.1. Amended by P.L.109-2011, SEC.1; P.L.198-2016, SEC.53; P.L.256-2017, SEC.80.
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