Credit
Sec. 8.5. (a) The owner of a vehicle for which the commercial
vehicle excise tax has been paid for the registrant's annual
registration year is entitled to a credit if during that registration year:
(1) the owner sells the vehicle and purchases a new vehicle of
the same or greater weight;
(2) the vehicle is destroyed and replaced with a vehicle of the
same or greater weight; or
(3) the vehicle was registered in error at a greater weight than
required.
(b) Except as provided in subsection (c), the amount of the credit
is equal to the remainder of:
(1) the commercial vehicle excise tax paid for the vehicle,
reduced by;
(2) one-twelfth (1/12) for each full or partial calendar month
that has elapsed in the registrant's annual registration year
before the date of the sale or replacement of the vehicle.
The credit applies to the tax due on any other vehicle purchased or
subsequently registered by the owner in the same registrant's annual
registration year.
(c) The owner of a vehicle registered in error at a greater weight
than required is entitled to receive a credit equal to the commercial
vehicle excise tax paid for the vehicle registered at the greater
weight. However, no refund may be provided for any remainder of
the tax paid when registering the vehicle at a lower weight.
(d) The owner of a vehicle is not entitled to a refund of any part
of a credit that is not used under this section.
(e) A credit expires at the end of the registrant's annual
registration year.
(f) To claim the credit authorized in subsection (a)(1), the owner
of the vehicle must present to the bureau proof of the sale of the
vehicle.
(g) To claim the credit authorized in subsection (a)(2), the owner
of the vehicle must present to the bureau a statement of proof of the
destruction of the vehicle on an affidavit furnished by the bureau.
The owner must also present a valid registration for the vehicle
within ninety (90) days after the date that it was destroyed. For
purposes of this subsection, a vehicle is considered destroyed if the
estimated cost of repair exceeds the vehicle's fair market value. After
receipt of the statement and registration, the bureau shall fix the
amount of the credit that the owner is entitled to receive.
(h) To claim the credit authorized under subsection (a)(3), the
owner of the vehicle must present to the bureau on an affidavit
furnished by the bureau evidence acceptable to the bureau that the
vehicle was registered in error at a greater weight than required.
As added by P.L.129-2001, SEC.19.
Last modified: May 28, 2006