Sec. 37. (a) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property: (1) is leased, owned, or operated by a professional racing team; and (2) comprises any part of a professional motor racing vehicle, excluding tires and accessories. (b) Transactions involving tangible personal property are exempt from the state gross retail tax, if the tangible personal property: (1) is leased, owned, or operated by a company that is engaged in offering a competitive racing experience during a competitive racing event; and (2) comprises any part of a two-seater Indianapolis 500 style race car, excluding tires and accessories.
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