Citations Affected:
IC 6-1.1-8-10.
Synopsis: Property taxation of certain holding tanks. Provides that a
pipeline company's holding tanks and related equipment are
definite-situs distributable property. (The assessed valuation of
definite-situs distributable property is distributed to the taxing district
in which the property is located.)
Effective: January 1, 2001.
January 10, 2000, read first time and referred to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
SECTION 1.
IC 6-1.1-8-10
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2001]: Sec. 10. (a) The fixed
property of a pipeline company consists of:
(1) real property which is not part of a pipeline or right-of-way of
the company; and
(2) tangible personal property which is not part of the company's
distribution system.
(b) The definite-situs distributable property of a pipeline
company consists of any holding tanks and related equipment.
(c) A pipeline company's property which is not described in
subsection (a) of this section or (b) is indefinite-situs distributable
property. The state board of tax commissioners shall apportion and
distribute the assessed valuation of this property among the taxing
districts in which the company's pipelines are located. The amount
which the board shall distribute to a taxing district equals the product
of:
(1) the total assessed valuation of the pipeline company's
indefinite-situs distributable property; multiplied by
(2) a fraction, the numerator of which is the length of the
company's pipelines in the taxing district, and the denominator of
which is the length of the company's pipelines in this state.