AN ACT to amend the Indiana Code concerning taxation.
hundred million dollars ($500,000,000); and
(2) the economic revitalization area in which the new
manufacturing equipment was installed was approved by the
designating body before January 1, 2001.
(c) A deduction under section 4.5(d) of this chapter is not
allowed with respect to new manufacturing equipment described
in subsection (b) in the first year the deduction is claimed or in
subsequent years as permitted by section 4.5(d) of this chapter to
the extent the deduction would cause the assessed value of all real
property and personal property of the owner in the taxing district
to be less than the incremental net assessed value for that year.
(d) The following apply for purposes of subsection (c):
(1) A deduction under section 4.5(d) of this chapter shall be
disallowed only with respect to new manufacturing equipment
installed after March 1, 2000.
(2) "Incremental net assessed value" means the sum of:
(A) the net assessed value of real property and depreciable
personal property from which property tax revenues are
required to be held in trust and pledged for the benefit of
the owners of bonds issued by the redevelopment
commission of a county described in subsection (b) under
resolutions adopted November 16, 1998, and July 13, 2000
(as amended November 27, 2000); plus
(B) fifty-four million four hundred eighty-one thousand
seven hundred seventy dollars ($54,481,770).
(3) The assessed value of real property and personal property
of the owner shall be determined after the deductions
provided by sections 3 and 4.5 of this chapter.
(4) The personal property of the owner shall include
inventory.
(5) The amount of deductions provided by section 4.5 of this
chapter with respect to new manufacturing equipment that
was installed on or before March 1, 2000, shall be increased
from thirty-three and one-third percent (33 1/3%) of true tax
value to one hundred percent (100%) of true tax value for
assessment dates after February 28, 2001.
(e) A deduction not fully allowed under subsection (c) in the first
year the deduction is claimed or in a subsequent year permitted by
section 4.5 of this chapter shall be carried over and allowed as a
deduction in succeeding years. A deduction that is carried over to
a year but is not allowed in that year under this subsection shall be
carried over and allowed as a deduction in succeeding years. The
following apply for purposes of this subsection:
(1) A deduction that is carried over to a succeeding year is not
allowed in that year to the extent that the deduction, together
with:
(A) deductions otherwise allowed under section 3 of this
chapter;
(B) deductions otherwise allowed under section 4.5 of this
chapter; and
(C) other deductions carried over to the year under this
subsection;
would cause the assessed value of all real property and
personal property of the owner in the taxing district to be less
than the incremental net assessed value for that year.
(2) Each time a deduction is carried over to a succeeding year,
the deduction shall be reduced by the amount of the deduction
that was allowed in the immediately preceding year.
(3) A deduction may not be carried over to a succeeding year
under this subsection if such year is after the period specified
in section 4.5(d) of this chapter or the period specified in a
resolution adopted by the designating body under section
4.5(h) of this chapter.