Destruction of boat; tax refund
Sec. 18. (a) Every owner of a boat that:
(1) is destroyed in a year in which the owner paid the excise tax
imposed by this chapter; and
(2) is not replaced by a replacement boat for which a credit is
issued under this chapter;
is entitled to a refund in an amount equal to ten percent (10%) of the
excise tax paid for each full calendar month remaining in the
registrant's tax payment year after the date of destruction.
(b) To receive a refund under subsection (a), a boat owner must
present and return to the bureau of motor vehicles the following:
(1) A request for refund on a form furnished by the bureau.
(2) A statement of proof of destruction on an affidavit furnished
by the bureau.
(3) The tax payment form for the boat.
(c) A refund under this section may not exceed ninety percent
(90%) of the excise tax paid on the destroyed boat. The amount shall
be refunded by a warrant issued by the auditor of the county that
received the excise tax revenue and shall be drawn on the county's
boat excise tax fund.
(d) For purposes of this section, a boat is considered destroyed if
the cost of repair of damages suffered by the boat exceeds the boat's
fair market value.
As added by P.L.98-1989, SEC.1. Amended by P.L.75-1989, SEC.2;
P.L.33-1990, SEC.23.
Last modified: May 28, 2006