1. (a) The amount of boat excise tax that a boat owner shall pay for a boating year is based on the boat's class and age.

2. (b) Motorized boats and sailboats are classified for excise tax purposes according to the value of the boat when the boat was new. The amount of excise tax for a boating year that is imposed for a motorized boat or a sailboat and owed by the boat owner is prescribed in the following table:

   MOTORIZED BOAT'S or SAILBOAT'S VALUE

   CLASS WHEN NEW TAX DUE

   AT LEAST but LESS THAN

   1 $ 0.01 $ 500 $ 2

   2 500 1,000 6

   3 1,000 1,500 20

   4 1,500 2,000 30

   5 2,000 3,000 42

   6 3,000 5,000 55

   7 5,000 7,500 70

   8 7,500 10,000 88

   9 10,000 15,000 110

   10 15,000 22,500 150

   11 22,500 35,000 200

   12 35,000 50,000 275

   13 50,000 75,000 375

   14 75,000 or more 500

   The bureau of motor vehicles shall adopt rules under IC 4-22-2 for determining the value of new boats. A tax paid under subsection (c) may be used as a credit against the taxes owed for the same boating year under this subsection.

3. (c) Notwithstanding subsection (b), the amount of excise tax imposed and owed by a boat owner is twelve dollars ($12) for a motorized boat or a sailboat that is stored in Indiana for sixty (60) consecutive days or more but not operated, used, or docked in Indiana waters, except to facilitate storage of the boat.

As added by P.L.98-1989, SEC.1. Amended by P.L.33-1990, SEC.17; P.L.71-1991, SEC.1; P.L.81-1993, SEC.2; P.L.64-1996, SEC.1.