State Form 7695 - Application For Aircraft Registration Or Exemption Page 4
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46.
Description of the aircraft trade-in.
7.
List the complete name and address of the person to whom you sold your trade-in aircraft, so we may transfer tax liability.
8.
Computation of Sales and Use Tax
A. Purchase price is the selling price of your new aircraft. You must enter a dollar amount even if you trade even. The
words “trade even” are not acceptable.
B. The trade-in allowance is the value, dollar amount, of the aircraft or aircraft parts traded to the same person from whom
you purchased your new aircraft.
C. Amount subject to sales/use tax: subtract Line B, trade-in value, from Line A, purchase price of new aircraft, and enter
the difference of your new aircraft.
D. Sales/use tax due: Multiply the amount from Line C times 7%, enter on Line D and in Section E, line 1.
SECTION D - EXCISE TAX COMPUTATION
Computation of Excise Tax:
a.
Multiply Gross landing weight (from Section A, number 5) by Tax Rate (see Tables 1 and 2).
b.
Tax Reduction is figured according to the month of purchase (see Table 3).
1c-3c. Tax Credit is figured on the percentage of excise tax paid on aircraft sold this calendar year. Enter the
Lowest Tax Credit from either 1c or 2c on Line 3c. This is your True Tax Credit.
d.
Compare Line b and 3c. Enter the Greatest amount on Line d.
2.
e.
Subtract Line d from Line a. The difference is the Excise Tax due. Enter Excise Tax due on SECTION E, Line
SECTION E - TAX SUMMARY/AMOUNT DUE
Computation of Total Amount Due:
1. Sales/Use Tax:
Enter the amount from Section C, Line 8D.
1a. Late Penalty:
10% of sales/use tax due on Line 1 (due if paid after 31 day requirement)
1b. Interest Due:
Interest due on sales/use tax Line 1, call for interest rate in effect at the time of this
application (due if paid after 31 day requirement.)
2. Excise Tax Due:
Enter the amount from SECTION D, Line e.
3a. Late Penalty
You are required by law to register an aircraft within 31 days after the aircraft is purchased.
Late penalty is the Greater of $20.00 or 20% of the excise tax due on SECTION E, Line 2.
3b. Late Interest
Interest is also due on each month the aircraft registration is late as per IC 6-8.1-10-1. You
must call for the interest rate in effect at the time of this application.
4. Registration Fee/
A $10.00 registration/transfer fee is due with each application, Unless, you are currently
Transfer Fee:
registered as an Aircraft Dealer with the Indiana Department of Revenue and the aircraft
was purchased as part of your dealer inventory, then the registration/transfer fee is NOT AP-
PLICABLE.
5. Total Amount Due:
Add Line 1 through 4 and enter total. Make check payable to Indiana Department of
Revenue.
SECTION F - CERTIFICATION
The aircraft owner(s) or the person authorized for the corporation must sign and date this application. You are certifying under the
penalties of perjury, that all statements are true and correct. Applications will not be accepted without a signature.
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