"Gross retail income"
Sec. 5. (a) Except as provided in subsection (b), "gross retail
income" means the total gross receipts, of any kind or character,
received in a retail transaction, including cash, credit, property, and
services, for which tangible personal property is sold, leased, or
rented, valued in money, whether received in money or otherwise,
without any deduction for:
(1) the seller's cost of the property sold;
(2) the cost of materials used, labor or service cost, interest,
losses, all costs of transportation to the seller, all taxes imposed
on the seller, and any other expense of the seller;
(3) charges by the seller for any services necessary to complete
the sale, other than delivery and installation charges;
(4) delivery charges; or
(5) the value of exempt personal property given to the purchaser
where taxable and exempt personal property have been bundled
together and sold by the seller as a single product or piece of
merchandise.
For purposes of subdivision (4), delivery charges are charges by the
seller for preparation and delivery of the property to a location
designated by the purchaser of property, including but not limited to
transportation, shipping, postage, handling, crating, and packing.
(b) "Gross retail income" does not include that part of the gross
receipts attributable to:
(1) the value of any tangible personal property received in a like
kind exchange in the retail transaction, if the value of the
property given in exchange is separately stated on the invoice,
bill of sale, or similar document given to the purchaser;
(2) the receipts received in a retail transaction which constitute
interest, finance charges, or insurance premiums on either a
promissory note or an installment sales contract;
(3) discounts, including cash, terms, or coupons that are not
reimbursed by a third party that are allowed by a seller and
taken by a purchaser on a sale;
(4) interest, financing, and carrying charges from credit
extended on the sale of personal property if the amount is
separately stated on the invoice, bill of sale, or similar
document given to the purchaser;
(5) any taxes legally imposed directly on the consumer that are
separately stated on the invoice, bill of sale, or similar
document given to the purchaser; or
(6) installation charges that are separately stated on the invoice,
bill of sale, or similar document given to the purchaser.
(c) A public utility's or a power subsidiary's gross retail income
includes all gross retail income received by the public utility or
power subsidiary, including any minimum charge, flat charge,
membership fee, or any other form of charge or billing.
As added by Acts 1980, P.L.52, SEC.1. Amended by P.L.257-2003,
SEC.1; P.L.81-2004, SEC.2.
Last modified: May 28, 2006