Sec. 5. (a) A nonresident that owns a vehicle that:
(1) is required to be registered under this article; and
(2) is not subject to registration under the International Registration Plan;
may operate, or permit the operation of, the vehicle on a highway without registering the vehicle under this article if the vehicle is registered in accordance with the laws of the jurisdiction in which the nonresident is a resident.
(b) The exemption granted by subsection (a) applies only to the extent that Indiana residents are granted an equivalent exemption in the jurisdiction in which the nonresident is a resident.