Indiana DOR Issues Bulletin on Sales Tax Exemptions for Motor Racing Teams, Race Car Owners

The Indiana Department of Revenue April 26 issued an updated information bulletin on sales and use tax exemptions available to professional motor racing teams and two-seater Indianapolis 500-style race cars. The bulletin includes: 1) the transactions involving the purchase, lease, or operation of a qualified part of a motor racing vehicle by professional racing teams are tax-exempt; 2) chassis, engines, and their component parts, excluding tires and accessories, constitute a complete motor racing vehicle, which is exempt when purchased by a professional racing team; 3) the purchase of tangible personal property that comprises any part of a two-seater Indianapolis 500-style ...