Introduced Version






SENATE BILL No. 264

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DIGEST OF INTRODUCED BILL



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.





Hume




    January 10, 2000, read first time and referred to Committee on Finance.







Introduced

Second Regular Session 111th General Assembly (2000)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 264



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

    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.