As Amended
SEC. 27-31-48. Vendor tooling.
(1) As used in this section, the term "vendor tooling" means any special tools such as dies, molds, jigs and similar items treated as special tooling for federal income tax purposes, owned by a business enterprise operating a motor vehicle production and assembly plant that are held for use in motor vehicle and motor vehicle parts production and assembly and are located off the site of the motor vehicle production and assembly plant of such business enterprise. For purposes of this subsection "business enterprise operating a motor vehicle production and assembly plant" means a business enterprise that produces not less than fifty thousand (50,000) motor vehicles annually.
(2) Vendor tooling shall be exempt from ad valorem taxation.
SOURCES: Laws, 2000, 3rd Ex Sess, ch. 1, Sec. 3, HB1, eff. from
and after passage (approved Nov. 6, 2000.)