Note: This version of section effective until 1-1-2020. See also following version of this section, effective 1-1-2020.
Sec. 12. (a) Effective January 1, 1976, there is hereby imposed an annual license excise tax upon taxable aircraft, which tax shall be in lieu of the ad valorem property tax levied for state or local purposes. No taxable aircraft shall be assessed as personal property for the purpose of the assessment and levy of personal property or shall be subject to ad valorem taxes, beginning with taxes for the year of 1975 payable in 1976 and thereafter.
(b) Eligibility of aircraft for a deduction under IC 6-1.1-12.3 does not exempt a taxpayer from the tax imposed under this chapter on the aircraft.
Formerly: Acts 1975, P.L.68, SEC.1. As amended by P.L.224-2003, SEC.280.
Note: This version of section effective 1-1-2020. See also preceding version of this section, effective until 1-1-2020.
Sec. 12. Effective January 1, 1976, there is hereby imposed an annual license excise tax upon taxable aircraft, which tax shall be in lieu of the ad valorem property tax levied for state or local purposes. No taxable aircraft shall be assessed as personal property for the purpose of the assessment and levy of personal property or shall be subject to ad valorem taxes.
Formerly: Acts 1975, P.L.68, SEC.1. As amended by P.L.224-2003, SEC.280; P.L.214-2019, SEC.28.
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