Sec. 14. (a) Transactions involving tangible personal property are exempt from the state gross retail tax if the person acquiring the property is: (1) a municipally owned utility; (2) a utility owned or operated by a special district; or (3) a public utility owned or operated by a not-for-profit corporation incorporated under: (A) the Indiana General Not for Profit Corporation Act (Acts 1935, Chapter 157, as amended), notwithstanding its repeal; (B) the Indiana Not-for-Profit Corporation Act of 1971 ( IC 23-7-1.1 ), notwithstanding its repeal; or (C) IC 23-17 . (b) The term "public utility owned or operated by a not-for-profit corporation" does not include those public utilities incorporated under Acts 1935, chapter 157, as amended, and which are owned or operated by local district rural electric membership corporations.
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