Authority: IC 6-8.1-3-3

Affected: IC 6-2.5

Sec. 10. A contractor has no further liability for either the state gross retail tax or use tax with respect to construction material acquired by the contractor in a taxable transaction, provided the contractor disposes of such property in the following manner:

1. (1) He converts the construction material into realty on land he owns and then sells the improved real estate;
2. (2) He utilizes the construction material for his own benefit and does not resell or transfer such property to others; or
3. (3) Lump sum contract. He converts the construction material into realty on land he does not own pursuant to a contract that includes all elements of cost in the total contract price.

(Department of State Revenue; Ch. 3, Reg. 6-2.5-3-2(c)(040); filed Dec 1, 1982, 10:35 am: 6 IR 13)