Synopsis: Property tax exemption for inventory. Amends the
Constitution of the State of Indiana to allow the general assembly to
enact a law to exempt inventory from property taxation. This proposed
amendment has not been previously agreed to by a general assembly.
Effective: This proposed amendment must be agreed to by two
consecutive general assemblies and ratified by a majority of the state's
voters voting on the question to be effective.
November 20, 2001, read first time and referred to Committee on Finance.
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.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
this style type reconciles conflicts
between statutes enacted by the 2001 General Assembly.
A JOINT RESOLUTION proposing an amendment to Article 10,
Section 1 of the Constitution of the State of Indiana concerning
scientific, religious, or charitable purposes.
Tangible personal property other than property Inventory
(A) held for processing;
(B) held for or used in production; or
in connection with the production of income.
(3) Inventory being held for sale in the ordinary course of a trade or business.
(4) Tangible personal property other than inventory, except property being held or used
or consumed in connection with the
production of income or property being held as an investment.
(3) (5) Intangible personal property.
(b) The General Assembly may exempt any motor vehicles, mobile homes, airplanes, boats, trailers or similar property, provided that an excise tax in lieu of the property tax is substituted therefor.