Introduced Version






SENATE BILL No. 456

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-1.1-3-23.

Synopsis: Personal property assessments. Establishes an alternative property tax valuation method for certain personal property subject to abnormal obsolescence.

Effective: July 1, 2003.





Kenley




    January 21, 2003, read first time and referred to Committee on Finance.







Introduced

First Regular Session 113th General Assembly (2003)


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. 456



    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 6-1.1-3-23 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 23. (a) A taxpayer may elect to assess under subsection (b) depreciable tangible personal property:
        (1) that is subject to 50 IAC 4.2-4-9(a) (as in effect on January 1, 2003); and
        (2) that is eligible for an adjustment for abnormal obsolescence under
50 IAC 4.2-4-8 (as in effect on January 1, 2003).
    (b) The true tax value of depreciable tangible personal property for which an election is made under subsection (a) is the lesser of:
        (1) the true tax value determined under 50 IAC
  4.2-4-9(a) (as in effect on January 1, 2003); or
        (2) the true tax value determined under generally accepted appraisal methods using the definition of true tax value set forth in
50 IAC  2.3 (as in effect on January 1, 2003).
    SECTION 2. [EFFECTIVE JULY 1, 2003] (a) IC 6-1.1-3-23 , as

added by this act, applies only to property taxes first due and payable after December 31, 2003.
    (b) This SECTION expires January 1, 2005.