The taxes imposed by this chapter do not apply to charges for personal property tax added to the rent paid for leases of tangible personal property. This exemption applies if:

1. (1) The lessor separately states the charge for property tax to the lessee; and
2. (2) The amount charged to the lessee is not more than the property tax actually paid by the lessor; and
3. (3) The lease agreement is for an initial period of one (1) year or longer.

[63-3622UU, added 2008, ch. 92, sec. 1, p. 258.]