*May be used as an excise tax credit on either the Motor Vehicle Tax (IC 6-6-5-5) or Aircraft License Excise Tax (IC 6-6-6.5-13). For motor vehicles, the unused portion of the veteran deduction reduces the annual excise tax in the amount of two dollars ($2.00) on each one hundred dollars ($100.00) of taxable value or major portion thereof.
For aircraft, the credit equals the amount of the unused portion of the veteran deduction multiplied by 0.07.
However, unused portion of deduction for donated homestead may not be applied toward excise taxes.
For more information, see IC 6-6-5-5 and IC 6-6-6.5-13.
See Special Instructions