(a) Transactions involving tangible personal property are exempt from the state gross retail tax if the person acquiring the property is:

1. (1) a municipally owned utility;
2. (2) a utility owned or operated by a special district; or

3. (3) a public utility owned or operated by a not-for-profit corporation incorporated under:

   1. (A) the Indiana General Not for Profit Corporation Act (Acts 1935, Chapter 157, as amended), notwithstanding its repeal;
   2. (B) the Indiana Not-for-Profit Corporation Act of 1971 ( IC 23-7-1.1 ), notwithstanding its repeal; or
   3. (C) IC 23-17 .

(b) The term "public utility owned or operated by a not-for-profit corporation" does not include those public utilities incorporated under Acts 1935, chapter 157, as amended, and which are owned or operated by local district rural electric membership corporations.

As added by Acts 1980, P.L.52, SEC.1. Amended by Acts 1980, P.L.53, SEC.1; P.L.179-1991, SEC.10.