Sec. 7. Transactions involving tangible personal property are exempt from the state gross retail tax if: (1) the person acquiring the property is in the construction business; (2) the person acquiring the property acquires it for incorporation as a material or integral part of a public street or of a public water, sewage, or other utility service; (3) the public street or public utility service into which the property is to be incorporated is required under a subdivision plat, approved and accepted by the appropriate Indiana political subdivision; and (4) the public street or public utility is to be publicly maintained after its completion.
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