§ 6-2-5-5-37

(a) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:(1) is leased, owned, or operated by a professional racing team; and(2) comprises any part of a professional motor racing vehicle, excluding tires and accessories.(b) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property:(1) is leased, owned, or operated by a company that is engaged in offering a competitive racing experience during a competitive racing event; and(2) comprises any part of a two-seater Indianapolis 500 style race car, excluding tires and accessories.As added by P.L.19-1994, SEC.6. Amended by P.L.193-2005, SEC.9; P.L.153-2012, SEC.2.