45 IAC 2.2-4-23 Procedure when tax paid on construction material when purchased by contractor

Sec. 23. A contractor has no further liability for either the state gross retail tax or use tax with respect to construction material acquired by the contractor in a taxable transaction, provided the contractor disposes of such property in the following manner: (1) He converts the construction materials into realty on land he owns and then sells the improved real estate; (2) He utilizes the construction material for his own benefit and does not resell or transfer such property to others; or (3) Lump sum contract. He converts the construction material into realty on land he does not own pursuant to a contract that includes all elements of cost in the total contract price.