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

1. (1) the person acquiring the property is in the construction business;
2. (2) the person acquiring the property acquires it for incorporation as a material or integral part of a public street or of a public water, sewage, or other utility service;
3. (3) the public street or public utility service into which the property is to be incorporated is required under a subdivision plat, approved and accepted by the appropriate Indiana political subdivision; and

4. (4) the public street or public utility is to be publicly maintained after its completion.

   As added by Acts 1980, P.L.52, SEC.1.