1. (a) This section applies only to an aircraft that:

   1. (1) is held by a dealer on July 1, 2015;
   2. (2) ceased to be considered aircraft inventory of the dealer on a date occurring before July 1, 2015, and began to be treated as property of a nondealer under section 10.6(d) of this chapter (before its amendment on July 1, 2015); and
   3. (3) would not have been considered to be property of a nondealer if section 10.6(d) of this chapter after its amendment on July 1, 2015, had been applied.
2. (b) A dealer who holds an aircraft to which this section applies may elect to reclassify the aircraft as aircraft inventory in the manner prescribed by the department.

3. (c) If:

   1. (1) a dealer makes an election under subsection (b) for an aircraft to which this section applies; and

   2. (2) as of July 1, 2015, the dealer owed unpaid registration fees, state gross retail or use taxes, penalties, or interest because of the reclassification of the aircraft under section 10.6(d) of this chapter (before its amendment on July 1, 2015);

      the dealer is entitled to a credit against the liability in an amount equal to the total of the unpaid registration fees, state gross retail or use taxes, penalties, and interest attributable to the reclassification of the aircraft under section 10.6(d) of this chapter (before its amendment on July 1, 2015). A dealer must claim the credit in the manner prescribed by the department. The department shall notify dealers of the availability of the credit.

4. (d) Subject to IC 6-8.1-9-1 , a dealer who makes an election under subsection (b) for an aircraft to which this section applies is eligible to receive a refund of:

   1. (1) the registration fees and the state gross retail or use taxes that were paid by the dealer for the aircraft because of the reclassification of the aircraft as property of a nondealer under section 10.6(d) of this chapter (before its amendment on July 1, 2015); and

   2. (2) any penalties and interest that have been assessed and paid to the department by the dealer that are attributable to the registration fees or the gross retail or use taxes for which a refund is claimed by the dealer under subdivision (1).

      The department shall notify dealers of the availability of the refund.

5. (e) This section expires July 1, 2018.

As added by P.L.102-2015, SEC.2.