Sec. 56. (a) Transactions involving tangible personal property are exempt from the state gross retail tax if the person acquiring the property acquires it for incorporation into a transportation facility (as defined in IC 5-23-2-17 ) under a: (1) public-private agreement executed in accordance with IC 5-23-8-1 (a); or (2) development agreement executed in accordance with IC 5-23-8-1 (b). (b) The exemption described in subsection (a) shall not apply to the extent that the applicable public-private agreement or development agreement is entered into before January 1, 2023.
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