Transactions involving tangible personal property are exempt from the state gross retail tax, if:

1. (1) the property is classified as production plant or power production expenses, according to the uniform system of accounts which was adopted and prescribed for the utility by the Indiana utility regulatory commission; and

2. (2) the person acquiring the property is:

   1. (A) a public utility that furnishes or sells electrical energy, steam, or steam heat in a retail transaction described in IC 6-2.5-4-5 ; or

   2. (B) a power subsidiary (as defined in IC 6-2.5-1-22.5 ) that furnishes or sells electrical energy, steam, or steam heat to a public utility described in clause (A).

      As added by Acts 1980, P.L.52, SEC.1. Amended by P.L.23-1988, SEC.8; P.L.71-1993, SEC.6; P.L.137-2022, SEC.25.