Sale of boat; tax credit
Sec. 17. (a) Every owner of a boat who sells the boat in a year in
which the boat owner has paid the excise tax is entitled to receive a
credit equal to the remainder of the tax paid for the boat reduced by
ten percent (10%) for each full or partial calendar month that has
elapsed in the tax payment year before the date of the sale. The credit
shall be applied to the owner's tax due on any other boat of the owner
in the same year or may be carried over and used in the following
year if the credit was not fully used in the preceding year. The credit
expires at the end of the year that follows the year in which the credit
originally accrued.
(b) A cash refund may not be made on a credit issued under
subsection (a) on the sale of a boat. A tax credit is transferable from
one (1) member of the same immediate family to another member of
the same family with no consideration involved or received as an
outright gift or inheritance.
As added by P.L.98-1989, SEC.1.
Last modified: May 28, 2006