1. (a) Transactions involving tangible personal property are exempt from the state gross retail tax if the person acquiring the property acquires it for incorporation into a transportation facility (as defined in IC 5-23-2-17 ) under a:

   1. (1) public-private agreement executed in accordance with IC 5-23-8-1 (a); or
   2. (2) development agreement executed in accordance with IC 5-23-8-1 (b).
2. (b) The exemption described in subsection (a) shall not apply to the extent that the applicable public-private agreement or development agreement is entered into before January 1, 2023.

As added by P.L.57-2022, SEC.11.