HOUSE BILL No. 1182
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-12.5.
Synopsis: Personal property exemptions at certain facilities. Allows
a five year property tax abatement for personal property installed in
facilities that are also subject to an income tax credit for industrial
recovery sites, military base recovery sites, historic rehabilitation, or
community revitalization enhancement districts.
Effective: July 1, 2012.
January 9, 2012, read first time and referred to Committee on Ways and Means.
Second Regular Session 117th General Assembly (2012)
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HOUSE BILL No. 1182
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-1.1-12.5; (12)IN1182.1.1. -->
SECTION 1. IC 6-1.1-12.5 IS ADDED TO THE INDIANA CODE
AS A NEW
CHAPTER TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2012]:
Chapter 12.5. Deduction for Personal Property Installed in a
Sec. 1. As used in this chapter, "abatement property" refers to
personal property that is:
(1) owned by the taxpayer;
(2) installed after December 31, 2012;
(3) used in the normal course of the taxpayer's business; and
(4) located in a qualified facility.
Sec. 2. As used in this chapter, "qualified facility" means a
facility that is:
(1) rehabilitated and redeveloped for the use of at least one (1)
(2) subject to an income tax credit awarded under IC 6-3.1-11,
IC 6-3.1-11.5, IC 6-3.1-16, or IC 6-3.1-19.
Sec. 3. Subject to the limitations set forth in this chapter, a
taxpayer is entitled to a deduction from the assessed value of
abatement property in each year in which the abatement property
is subject to taxation for ad valorem property taxes.
Sec. 4. The amount of the deduction under this chapter is equal
to one hundred percent (100%) of the assessed value of the
Sec. 5. To qualify for the deduction under this chapter, the
taxpayer must claim the deduction, in the manner prescribed by
the department of local government finance, on the taxpayer's
personal property tax return filed under IC 6-1.1-3 or IC 6-1.1-8
(or an amended return filed within the time allowed under this
article) for the abatement property to which the deduction applies.
Sec. 6. A taxpayer may not receive a deduction under this
chapter for more than five (5) calendar years for the taxpayer's
Sec. 7. A taxpayer may not receive a deduction under both this
chapter and IC 6-1.1-12.1 for the taxpayer's abatement property.