The exemption applies to all sales or leases executed on or after July 1, 2004 and currently this exemption is set to expire on December 31, 2010. In order to qualify for the exemption the manufacturer must be classified under the NAICS code manufacturing sector 31-33. NextIn addition, the machinery and equipment must be used directly and predominantly in manufacturing tangible personal property. Finally, the machinery must be capitalized or expensed under section 179 of the Internal Revenue Code. (Sec. 39-15-105(a)(viii)(O))