Introduced Version






SENATE BILL No. 395

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-1.1-3-24; IC 6-1.1-20.6-3.

Synopsis: Outdoor advertising sign valuation phase-in. Phases in a change in the assessment rules for outdoor advertising signs assessed as depreciable tangible personal property that was made in a rule that was adopted by the department of local government finance in 2009 and became effective in 2010.

Effective: March 1, 2010 (retroactive).





Walker




    January 9, 2012, read first time and referred to Committee on Tax and Fiscal Policy.







Introduced

Second Regular Session 117th General Assembly (2012)


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. 395



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

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

SOURCE: IC 6-1.1-3-24; (12)IN0395.1.1. -->     SECTION 1. IC 6-1.1-3-24 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE MARCH 1, 2010 (RETROACTIVE)]: Sec. 24. (a) This section applies to assessment dates after February 28, 2010, and before March 2, 2013.
    (b) As used in this chapter, "property tax liability" means liability for the tax imposed on property under this article as determined after application of all credits and deductions under this article or IC 6-3.5, except the credit under this section. The term does not include any interest or penalty imposed under this article.
    (c) A taxpayer is eligible for a credit against the tax liability imposed on the taxpayer that is attributable to an outdoor advertising sign assessed as depreciable tangible personal property for property taxes first due and payable in any of the following calendar years:
        (1) 2011.
        (2) 2012.
        (3) 2013.
        (4) 2014.
    (d) The amount of the credit is equal to the result determined under STEP FOUR of the following formula:
        STEP ONE: Determine the property tax liability that is attributable to the outdoor advertising sign.
        STEP TWO: Determine the property tax liability that would have been attributable to the outdoor advertising sign if the true tax value of the outdoor advertising sign had been determined using the values in 50 IAC 4.2-15-12 (repealed) assigning the outdoor advertising sign to pool #4 for purposes of applying the depreciation rules adopted by the department of local government finance.
        STEP THREE: Determine the greater of zero (0) or the result of:
            (A) the STEP ONE amount; minus
            (B) the STEP TWO amount.
        STEP FOUR: Determine the result of:
            (A) the STEP THREE result; multiplied by:
            (B) in:
                (i) 2011, one (1).
                (ii) 2012, one (1).
                (iii) 2013, sixty-seven hundredths (0.67).
                (iv) 2014, thirty-three hundredths (0.33).
    (e) This section expires on January 1, 2015.

SOURCE: IC 6-1.1-20.6-3; (12)IN0395.1.2. -->     SECTION 2. IC 6-1.1-20.6-3, AS AMENDED BY P.L.146-2008, SECTION 219, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE MARCH 1, 2010 (RETROACTIVE)]: Sec. 3. As used in this chapter, "property tax liability" means, for purposes of:
        (1) this chapter, other than section 8.5 of this chapter, liability for the tax imposed on property under this article determined after application of all credits and deductions under this article or IC 6-3.5, except the credit under this chapter and IC 6-1.1-3-24, but does not include any interest or penalty imposed under this article; and
        (2) section 8.5 of this chapter, liability for the tax imposed on property under this article determined after application of all credits and deductions under this article or IC 6-3.5, including the credit granted by section 7 or 7.5 of this chapter, but not including the credit granted under section 8.5 of this chapter, the credit granted under IC 6-1.1-3-24, or any interest or penalty imposed

under this article.

SOURCE: ; (12)IN0395.1.3. -->     SECTION 3. An emergency is declared for this act.