Introduced Version
HOUSE BILL No. 1352
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 4-4;
IC 4-13.5-4-6
;
IC 5-1-4-26
;
IC 5-1.4-9-9
;
IC 5-1.5-9-9
;
IC 5-20-2-14
;
IC 5-21-2-15
; IC 6-3; IC 6-4.1;
IC 6-8-5-1
;
IC 8-10-1-27
;
IC 8-14.5-6-12
;
IC 8-21-9-31
; IC 8-22; IC 14-13;
IC 14-14-1-46
;
IC 15-1.5-9-9
; IC 16-22;
IC 20-12-63-27
;
IC 21-9-7-3
;
IC 27-1-29-17
;
IC 28-5-2-2
; IC 29-1;
IC 29-3-3-3
; IC 30-4;
IC 33-19-5-6
; IC 34-24; IC 36-7; IC 36-9; IC 36-10.
Synopsis: Income tax deductions and inheritance tax repeal. Provides
that the state inheritance tax does not apply to transfers from the estate
of an individual who dies after June 30, 2002. Provides that the estate
tax does not apply to the estate of an individual who dies after
December 31, 2004. Provides that the generation skipping transfer tax
does not apply to the estate of an individual who dies after December
31, 2009, and before January 1, 2011. Makes conforming amendments.
Increases from $500 to $1,000 the additional deduction from adjusted
gross income for taxpayers and their spouses who qualify for the
federal deduction for the aged, subject to certain income limits.
Provides an adjusted gross income tax deduction for pension and
annuity income and IRA distributions, to the extent these amounts are
included in federal adjusted gross income. Increases the adjusted gross
income tax deduction for recipients of federal civil service annuities
and for military retirement or survivor's benefits. Requires certain
deductions from an individual's adjusted gross income to be adjusted
according to the Consumer Price Index. Repeals statutes imposing the
inheritance tax.
Effective: January 1, 2002 (retroactive); July 1, 2002; July 1, 2004.
Dumezich
January 15, 2002, read first time and referred to Committee on Ways and Means.
Introduced
Second Regular Session 112th General Assembly (2002)
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.
HOUSE BILL No. 1352
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 4-4-11-36.1; (02)IN1352.1.1. -->
SECTION 1.
IC 4-4-11-36.1
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 36.1. (a) Except as
provided in subsections (b) through (c), all property, both tangible and
intangible, acquired or held by the authority under this chapter,
IC 4-4-21
, or
IC 15-7-5
is declared to be public property used for
public and governmental purposes, and all such property and income
therefrom shall at all times be exempt from all taxes imposed by this
state, any county, any city, or any other political subdivision of this
state, except for the financial institutions tax imposed under IC 6-5.5
or a
state inheritance tax imposed under IC 6-4.1.
(b) Property owned by the authority and leased to a person for an
industrial development project is not public property. The property and
the industrial development project are subject to all taxes of the state
or any county, city, or other political subdivision of the state in the
same manner and subject to the same exemptions as are applicable to
all persons.
(c) Any industrial development project financed by a loan under the
authority of this chapter shall not be considered public property and
shall not be exempt from any taxes of this state, or any county, city, or
other political subdivision thereof, except for pollution control
equipment.
(d) An agricultural enterprise or rural development project financed
by a loan under the authority of this chapter or
IC 15-7-5
shall not be
considered public property and shall not be exempt from Indiana taxes
or any county, city, or other political subdivision of the state.
(e) This section does not provide a tax exemption for a financial
institution that receives a guaranteed participating loan or an exporter
that receives an eligible export loan or performance bond guarantee
under this chapter or
IC 4-4-21.
SOURCE: IC 4-4-11.2-29; (02)IN1352.1.2. -->
SECTION 2.
IC 4-4-11.2-29
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 29. All property of the
authority is public property devoted to an essential public and
governmental function and purpose and is exempt from all taxes and
special assessments, direct or indirect, of the state or a political
subdivision of the state. All bonds issued under this chapter are issued
by a body corporate and public of the state, but not a state agency, and
for an essential public and governmental purpose, and the bonds, the
interest thereon, the proceeds received by a holder from the sale of the
bonds to the extent of the holder's cost of acquisition, proceeds
received upon redemption prior to maturity, and proceeds received at
maturity and the receipt of the interest and proceeds shall be exempt
from taxation in the state for all purposes except a state inheritance tax
imposed under IC 6-4.1.
SOURCE: IC 4-13.5-4-6; (02)IN1352.1.3. -->
SECTION 3.
IC 4-13.5-4-6
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 6. (a) All property of
the commission is public property devoted to an essential public and
governmental function and purpose and is exempt from all taxes and
special assessments of the state or a political subdivision of the state.
(b) All bonds or loan contracts issued under this article are issued
by a body corporate and politic of this state, but not a state agency, and
for an essential public and governmental purpose, and the bonds and
loan contracts, the interest thereon, the proceeds received by a holder
from the sale of the bonds or loan contracts to the extent of the holder's
cost of acquisition, proceeds received upon redemption before
maturity, proceeds received at maturity, and the receipt of the interest
and proceeds are exempt from taxation for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 5-1-4-26; (02)IN1352.1.4. -->
SECTION 4.
IC 5-1-4-26
IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 26. The exercise of the powers
granted by this chapter will be in all respects for the benefit of the
people of the state, for the increase of their commerce and prosperity,
and for the improvement of their health and living conditions, and as
the operation and maintenance of a project by an authority or its agent
will constitute the performance of essential governmental functions,
such authority shall not be required to pay any taxes or assessments
upon or in respect of a project or any property acquired or used by such
authority under the provisions of this chapter, or upon the income
therefrom, and the bonds issued under the provisions of this chapter,
the interest thereon, the proceeds received by a holder from the sale of
such bonds to the extent of the holder's cost of acquisition, or proceeds
received upon redemption prior to maturity or proceeds received at
maturity, and the receipt of such interest and proceeds shall be exempt
from taxation in the state of Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 5-1.4-9-9; (02)IN1352.1.5. -->
SECTION 5.
IC 5-1.4-9-9
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 9. All property of the
bank is public property devoted to an essential public and
governmental function and purpose and is exempt from all taxes and
special assessments of the state or a political subdivision of the state.
All bonds or notes issued under this article are issued by a body
corporate and public of this state, but not a state, city, or county agency,
and for an essential public and governmental purpose. The bonds and
notes, the interest thereon, the proceeds received by a holder from the
sale of the bonds or notes to the extent of the holder's cost of
acquisition, proceeds received upon redemption before maturity,
proceeds received at maturity, and the receipt of the interest and
proceeds shall be exempt from taxation in the state for all purposes
except the financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1.
SOURCE: IC 5-1.5-9-9; (02)IN1352.1.6. -->
SECTION 6.
IC 5-1.5-9-9
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 9. All property of the
bank is public property devoted to an essential public and
governmental function and purpose and is exempt from all taxes and
special assessments, direct or indirect, of the state or a political
subdivision of the state. All bonds or notes issued under this article are
issued by a body corporate and public of this state, but not a state
agency, and for an essential public and governmental purpose and the
bonds and notes, the interest thereon, the proceeds received by a holder
from the sale of the bonds or notes to the extent of the holder's cost of
acquisition, proceeds received upon redemption prior to maturity, and
proceeds received at maturity, and the receipt of the interest and
proceeds shall be exempt from taxation in the state for all purposes
except the financial institutions tax imposed under IC 6-5.5 or a state
inheritance tax imposed under IC 6-4.1.
SOURCE: IC 5-20-2-14; (02)IN1352.1.7. -->
SECTION 7.
IC 5-20-2-14
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 14. All bonds and
interim receipts or certificates, proceeds received by a holder from the
sale of them to the extent of the holder's cost of acquisition, proceeds
received upon redemption prior to maturity, proceeds received at
maturity, and interest thereon, are exempt from taxation in the state of
Indiana for all purposes except the financial institutions tax imposed
under IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1.
SOURCE: IC 5-21-2-15; (02)IN1352.1.8. -->
SECTION 8.
IC 5-21-2-15
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 15. (a) All property of
the commission is public property devoted to an essential public and
governmental function and purpose and is exempt from all taxes and
special assessments of the state or a political subdivision of the state.
(b) All bonds or loan contracts issued under this article are issued
by a body corporate and politic of this state, but not a state agency, and
for an essential public and governmental purpose. The bonds and loan
contracts, the interest on them, the proceeds received by a holder from
the sale of the bonds or loan contracts to the extent of the holder's cost
of acquisition, proceeds received upon redemption before maturity,
proceeds received at maturity, and the receipt of the interest and
proceeds are exempt from taxation for all purposes except the financial
institutions tax imposed under IC 6-5.5 or a state inheritance tax
imposed under IC 6-4.1.
SOURCE: IC 6-3-1-3.5; (02)IN1352.1.9. -->
SECTION 9.
IC 6-3-1-3.5
, AS AMENDED BY P.L.14-2000,
SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2002 (RETROACTIVE)]: Sec. 3.5. When used in
IC 6-3, this article, the term "adjusted gross income" shall mean the
following:
(a) In the case of all individuals, "adjusted gross income" (as
defined in Section 62 of the Internal Revenue Code), modified as
follows:
(1) Subtract income that is exempt from taxation under
IC 6-3
this article by the Constitution and statutes of the United States.
(2) Add an amount equal to any deduction or deductions allowed
or allowable pursuant to Section 62 of the Internal Revenue Code
for taxes based on or measured by income and levied at the state
level by any state of the United States.
(3) Subtract:
(A) one thousand dollars ($1,000); or
(B) in the case of a joint return filed by a husband and wife,
subtract for each spouse one thousand dollars ($1,000)
for
each spouse;
each as adjusted under subsection (d).
(4) Subtract one thousand dollars ($1,000) for:
(A) each of the exemptions provided by Section 151(c) of the
Internal Revenue Code;
(B) each additional amount allowable under Section 63(f) of
the Internal Revenue Code; and
(C) the spouse of the taxpayer if a separate return is made by
the taxpayer and if the spouse, for the calendar year in which
the taxable year of the taxpayer begins, has no gross income
and is not the dependent of another taxpayer.
(5) Subtract:
(A) one thousand five hundred dollars ($1,500) for each of the
exemptions allowed under Section 151(c)(1)(B) of the Internal
Revenue Code for taxable years beginning after December 31,
1996; and
(B)
five hundred one thousand dollars
($500) ($1,000) for
each additional amount allowable under Section 63(f)(1) of the
Internal Revenue Code if the adjusted gross income of the
taxpayer, or the taxpayer and the taxpayer's spouse in the case
of a joint return, is less than forty thousand dollars ($40,000).
This amount is in addition to the amount subtracted under
subdivision (4).
(6) Subtract an amount equal to the lesser of:
(A) that part of the individual's adjusted gross income (as
defined in Section 62 of the Internal Revenue Code) for that
taxable year that is subject to a tax that is imposed by a
political subdivision of another state and that is imposed on or
measured by income; or
(B) two thousand dollars ($2,000).
(7) Add an amount equal to the total capital gain portion of a
lump sum distribution (as defined in Section 402(e)(4)(D) of the
Internal Revenue Code) if the lump sum distribution is received
by the individual during the taxable year and if the capital gain
portion of the distribution is taxed in the manner provided in
Section 402 of the Internal Revenue Code.
(8) Subtract any amounts included in federal adjusted gross
income under Internal Revenue Code Section 111 as a recovery
of items previously deducted as an itemized deduction from
adjusted gross income.
(9) Subtract any amounts included in federal adjusted gross
income under the Internal Revenue Code which amounts were
received by the individual as supplemental railroad retirement
annuities under 45 U.S.C. 231 and which are not deductible under
subdivision (1).
(10) Add an amount equal to the deduction allowed under Section
221 of the Internal Revenue Code for married couples filing joint
returns if the taxable year began before January 1, 1987.
(11) Add an amount equal to the interest excluded from federal
gross income by the individual for the taxable year under Section
128 of the Internal Revenue Code if the taxable year began before
January 1, 1985.
(12) Subtract an amount equal to the amount of federal Social
Security and Railroad Retirement benefits included in a taxpayer's
federal gross income by Section 86 of the Internal Revenue Code.
(13) In the case of a nonresident taxpayer or a resident taxpayer
residing in Indiana for a period of less than the taxpayer's entire
taxable year, the total amount of the deductions allowed pursuant
to subdivisions (3), (4), (5), and (6) shall be reduced to an amount
which bears the same ratio to the total as the taxpayer's income
taxable in Indiana bears to the taxpayer's total income.
(14) In the case of an individual who is a recipient of assistance
under
IC 12-10-6-1
,
IC 12-10-6-2
,
IC 12-15-2-2
, or
IC 12-15-7
,
subtract an amount equal to that portion of the individual's
adjusted gross income with respect to which the individual is not
allowed under federal law to retain an amount to pay state and
local income taxes.
(15) In the case of an eligible individual, subtract the amount of
a Holocaust victim's settlement payment included in the
individual's federal adjusted gross income.
(16) For taxable years beginning after December 31, 1999,
subtract an amount equal to the portion of any premiums paid
during the taxable year by the taxpayer for a qualified long term
care policy (as defined in
IC 12-15-39.6-5
) for the taxpayer or the
taxpayer's spouse, or both.
(17) Subtract an amount equal to the lesser of:
(A) two thousand five hundred dollars ($2,500); or
(B) the amount of property taxes that are paid during the
taxable year in Indiana by the individual on the individual's
principal place of residence.
(18) Subtract an amount equal to the lesser of:
(A) the amount that is included in federal adjusted gross
income under the Internal Revenue Code and reported by
the individual as:
(i) pension and annuity income; or
(ii) for an individual who is at least fifty-nine and
one-half (59 1/2) years of age, individual retirement
account (IRA) distributions;
on the individual's federal income tax return; or
(B) five thousand dollars ($5,000) for taxable years
beginning in 2002 and 2003, and ten thousand dollars
($10,000) for taxable years beginning in 2004 and
thereafter.
(b) In the case of corporations, the same as "taxable income" (as
defined in Section 63 of the Internal Revenue Code) adjusted as
follows:
(1) Subtract income that is exempt from taxation under
IC 6-3
this article by the Constitution and statutes of the United States.
(2) Add an amount equal to any deduction or deductions allowed
or allowable pursuant to Section 170 of the Internal Revenue
Code.
(3) Add an amount equal to any deduction or deductions allowed
or allowable pursuant to Section 63 of the Internal Revenue Code
for taxes based on or measured by income and levied at the state
level by any state of the United States.
(4) Subtract an amount equal to the amount included in the
corporation's taxable income under Section 78 of the Internal
Revenue Code.
(c) In the case of trusts and estates, "taxable income" (as defined for
trusts and estates in Section 641(b) of the Internal Revenue Code)
reduced by income that is exempt from taxation under
IC 6-3 this
article by the Constitution and statutes of the United States.
(d) As used in this subsection, "CPI" refers to the United States
Bureau of Labor Statistics Consumer Price Index for Indiana, all
items, all urban consumers, or its successor index. For taxable
years beginning after December 31, 2002, the department shall
adjust the amount of the deductions allowed under subsection
(a)(3) and (a)(4) for each qualified person as follows:
STEP ONE: Determine the percentage change between the
CPI as last reported in the previous calendar year and the
CPI as last reported in the year before the previous calendar
year.
STEP TWO: Express the percentage change determined in
STEP ONE as a two (2) digit decimal rounded to the nearest
hundredth.
STEP THREE: Add one (1) to the decimal determined in
STEP TWO.
STEP FOUR: Multiply the greater of one (1) or the sum
determined in STEP THREE by the deduction amount, as
adjusted under this subsection for the previous taxable year.
SOURCE: IC 6-3-2-3.7; (02)IN1352.1.10. -->
SECTION 10.
IC 6-3-2-3.7
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2002 (RETROACTIVE)]:
Sec. 3.7. (a) This subsection applies only to taxable years beginning
after December 31, 2001, and ending before January 1, 2004. Each
taxable year, an individual is entitled to an adjusted gross income tax
deduction equal to the remainder of:
(1) the first two five thousand dollars ($2,000) which ($5,000)
that is received by the individual during the taxable year from a
federal civil service annuity, and which is included in adjusted
gross income under Section 62 of the Internal Revenue Code;
minus
(2) the total amount of Social Security benefits and railroad
retirement benefits received by the individual during the taxable
year.
However, the individual is only entitled to the deduction provided by
this section if the individual is at least sixty-two (62) years of age
before the end of the taxable year.
(b) This subsection applies only to taxable years beginning after
December 31, 2003. Each taxable year, an individual is entitled to
an adjusted gross income tax deduction equal to the remainder of:
(1) the first ten thousand dollars ($10,000) that is received by
the individual during the taxable year from a federal civil
service annuity and that is included in adjusted gross income
under Section 62 of the Internal Revenue Code; minus
(2) the total amount of Social Security benefits and railroad
retirement benefits received by the individual during the
taxable year.
However, the individual is entitled to the deduction provided by
this section only if the individual is at least sixty-two (62) years of
age before the end of the taxable year.
SOURCE: IC 6-3-2-4; (02)IN1352.1.11. -->
SECTION 11.
IC 6-3-2-4
IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2002 (RETROACTIVE)]: Sec. 4.
(a) Each
taxable year, an individual
or the individual's surviving spouse, is
entitled to an adjusted gross income tax deduction for the first two
thousand dollars ($2,000) of income including retirement or survivor's
benefits, received during the taxable year by the individual or the
individual's surviving spouse, for the individual's service in an active
or reserve component of the armed forces of the United States,
including the army, navy, air force, coast guard, marine corps,
merchant marine, Indiana army national guard, or Indiana air national
guard. An individual who claims a deduction under this subsection
may not claim a deduction under subsection (b) or (c).
(b) This subsection applies only to taxable years beginning after
December 31, 2001, and ending before January 1, 2004. Each
taxable year, an individual, or the individual's surviving spouse, is
entitled to an adjusted gross income tax deduction for the first five
thousand dollars ($5,000) of income received during the taxable
year by the individual, or the individual's surviving spouse, as
retirement or survivor's benefits for the individual's service in an
active or reserve component of the armed forces of the United
States, including the army, navy, air force, coast guard, marine
corps, merchant marine, Indiana army national guard, or Indiana
air national guard. However, a person who is less than sixty (60)
years of age on the last day of the person's taxable year is not, for that
taxable year, entitled to a deduction under this section subsection for
retirement or survivor's benefits.
(c) This subsection applies only to taxable years beginning after
December 31, 2003. Each taxable year, an individual or the
individual's surviving spouse is entitled to an adjusted gross
income tax deduction for the first ten thousand dollars ($10,000) of
income received during the taxable year by the individual or the
individual's surviving spouse as retirement or survivor's benefits
for the individual's service in an active or reserve component of the
armed forces of the United States, including the army, navy, air
force, coast guard, marine corps, merchant marine, Indiana army
national guard, or Indiana air national guard. However, a person
who is less than sixty (60) years of age on the last day of the
person's taxable year is not, for that taxable year, entitled to a
deduction under this subsection for retirement or survivor's
benefits.
SOURCE: IC 6-4.1-2-0.5; (02)IN1352.1.12. -->
SECTION 12.
IC 6-4.1-2-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-3-0.5; (02)IN1352.1.13. -->
SECTION 13.
IC 6-4.1-3-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-4-0.2; (02)IN1352.1.14. -->
SECTION 14.
IC 6-4.1-4-0.2
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.2. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-5-0.5; (02)IN1352.1.15. -->
SECTION 15.
IC 6-4.1-5-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-6-0.5; (02)IN1352.1.16. -->
SECTION 16.
IC 6-4.1-6-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-7-0.5; (02)IN1352.1.17. -->
SECTION 17.
IC 6-4.1-7-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-8-0.5; (02)IN1352.1.18. -->
SECTION 18.
IC 6-4.1-8-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-9-0.5; (02)IN1352.1.19. -->
SECTION 19.
IC 6-4.1-9-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-10-0.5; (02)IN1352.1.20. -->
SECTION 20.
IC 6-4.1-10-0.5
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 0.5. Beginning July 1, 2002, this
chapter does not apply to a property interest transferred from the
estate of an individual whose death occurs after June 30, 2002.
SOURCE: IC 6-4.1-10-2; (02)IN1352.1.21. -->
SECTION 21.
IC 6-4.1-10-2
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 2.
(a) This section
applies only to a refund claim arising from the inheritance tax
imposed as a result of a person's death occurring before July 1,
2002.
(b) The time limits prescribed in section 1 of this chapter for filing
a refund claim do not apply if the claim is for the refund of inheritance
tax which has been determined in the manner provided in
IC 6-4.1-6
(before its repeal).
SOURCE: IC 6-4.1-11-1; (02)IN1352.1.22. -->
SECTION 22.
IC 6-4.1-11-1
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 1. (a) Except as
provided in subsection (b), a tax to be known as the "Indiana estate
tax" is imposed upon a resident or nonresident decedent's estate.
(b) This chapter does not apply to the estate of an individual
whose death occurs after December 31, 2004.
SOURCE: IC 6-4.1-11-2; (02)IN1352.1.23. -->
SECTION 23.
IC 6-4.1-11-2
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 2. (a)
This section
applies to the estate of an individual whose death occurs before
July 1, 2002.
(b) The Indiana estate tax is the amount determined in STEP FOUR
of the following formula:
STEP ONE: Divide:
(A) the value of the decedent's Indiana gross estate; by
(B) the value of the decedent's total gross estate for federal
estate tax purposes.
STEP TWO: Multiply:
(A) the quotient determined under STEP ONE; by
(B) the federal state death tax credit allowable against the
decedent's federal estate tax.
The product is the Indiana portion of the federal state death tax
credit.
STEP THREE: Subtract:
(A) the amount of all Indiana inheritance taxes actually paid
as a result of the decedent's death; from
(B) the product determined under STEP TWO.
STEP FOUR: Determine the greater of the following:
(A) The remainder determined under STEP THREE.
(B) Zero (0).
(b) (c) For purposes of this section, the value of a nonresident
decedent's Indiana gross estate equals the total fair market value on the
appraisal date of tangible personal property and real estate which had
an actual situs in Indiana at the time of the decedent's death and which
is included in the decedent's gross estate for federal estate tax purposes
under Sections 2031 through 2044 of the Internal Revenue Code.
(c) (d) For purposes of this section, the value of a resident
decedent's Indiana gross estate equals the total fair market value on the
appraisal date of personal property and real estate that had an actual
situs in Indiana at the time of the decedent's death and all intangible
personal property wherever located that is included in the decedent's
gross estate for federal estate tax purposes.
(d) (e) For purposes of this section, the value of a resident or
nonresident decedent's total gross estate for federal estate tax purposes
equals the total fair market value on the appraisal date of the property
included in the decedent's gross estate for federal estate tax purposes
under Sections 2031 through 2044 of the Internal Revenue Code.
(e) (f) For purposes of determining the value of a decedent's Indiana
gross estate and the decedent's total gross estate, the appraisal date for
each property interest is the date on which the property interest is
valued for federal estate tax purposes.
(f) (g) The estate tax does not apply to a property interest transfer
made by a resident decedent if the interest transferred is in:
(1) real property located outside Indiana, regardless of whether
the property is held in a trust or whether the trustee is required to
distribute the property in-kind; or
(2) real property located in Indiana, if:
(A) the real property was transferred to an irrevocable trust
during the decedent's lifetime;
(B) the transfer to the trust was not made in contemplation of
the transferor's death, as determined under
IC 6-4.1-2-4
(before its repeal); and
(C) the decedent does not have a retained interest in the trust.
SOURCE: IC 6-4.1-11-2.5; (02)IN1352.1.24. -->
SECTION 24.
IC 6-4.1-11-2.5
IS ADDED TO THE INDIANA
CODE AS A
NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]:
Sec. 2.5. (a) This section applies to the
estate of an individual whose death occurs after June 30, 2002, and
before January 1, 2005.
(b) Except as provided in subsection (c), the Indiana estate tax
is the amount determined in STEP THREE of the following
formula:
STEP ONE: Divide:
(A) the value of the decedent's Indiana gross estate; by
(B) the value of the decedent's total gross estate for federal
estate tax purposes.
STEP TWO: Multiply:
(A) the quotient determined under STEP ONE; by
(B) the federal state death tax credit allowable against the
decedent's federal estate tax.
The product is the Indiana portion of the federal state death
tax credit.
STEP THREE: Determine the greater of the following:
(A) The product determined under STEP TWO.
(B) Zero (0).
(c) If the federal estate tax imposed under Section 2001 of the
Internal Revenue Code is repealed before the date of the
individual's death, the amount of the Indiana estate tax is zero
dollars ($0).
(d) For purposes of this section, the value of a nonresident
decedent's Indiana gross estate equals the total fair market value
on the appraisal date of tangible personal property and real estate
that had an actual situs in Indiana at the time of the individual's
death and that is included in the decedent's gross estate for federal
estate tax purposes under Sections 2031 through 2044 of the
Internal Revenue Code.
(e) For purposes of this section, the value of a resident
decedent's Indiana gross estate equals the total fair market value
on the appraisal date of personal property and real estate that had
an actual situs in Indiana at the time of the individual's death and
all intangible personal property wherever located that is included
in the decedent's gross estate for federal estate tax purposes.
(f) For purposes of this section, the value of a resident or
nonresident decedent's total gross estate for federal estate tax
purposes equals the total fair market value on the appraisal date
of the property included in the decedent's gross estate for federal
estate tax purposes under Sections 2031 through 2044 of the
Internal Revenue Code.
(g) For purposes of determining the value of a decedent's
Indiana gross estate and the decedent's total gross estate, the
appraisal date for each property interest is the date on which the
property interest is valued for federal estate tax purposes.
(h) The estate tax does not apply to a property interest transfer
made by a resident decedent if the interest transferred is in:
(1) real property located outside Indiana, regardless of
whether the property is held in a trust or whether the trustee
is required to distribute the property in kind; or
(2) real property located in Indiana, if:
(A) the real property was transferred to an irrevocable
trust during the decedent's lifetime;
(B) the transfer to the trust was not made in contemplation
of the transferor's death, as determined under subsection
(i); and
(C) the decedent does not have a retained interest in the
trust.
(i) A transfer is presumed to have been made in contemplation
of the transferor's death if it is made within one (1) year before the
transferor's death. However, the presumption is rebuttable.
SOURCE: IC 6-4.1-11.5-7; (02)IN1352.1.25. -->
SECTION 25.
IC 6-4.1-11.5-7
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 7. (a) Except as
provided in subsection (b), the Indiana generation-skipping transfer
tax is imposed upon every generation-skipping transfer.
(b) This chapter does not apply to the estate of an individual
whose death occurs after December 31, 2009, and before January
1, 2011.
SOURCE: IC 6-4.1-12-6; (02)IN1352.1.26. -->
SECTION 26.
IC 6-4.1-12-6
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 6. The department of
state revenue:
(1) shall supervise the enforcement of this article;
(2) shall supervise the collection of taxes imposed under this
article;
(3) shall investigate the manner in which this article is
administered and enforced in the various counties of this state;
(4) shall provide the forms and books required to implement this
article;
(5) shall promulgate any rules or regulations which are necessary
for the interpretation or the enforcement of this article;
(6) may investigate any facts or circumstances which are relevant
to the taxes imposed under this article;
(7) shall provide the inheritance tax administrator with a secretary
(until the elimination of the office of inheritance tax
administrator); and
(8) may provide the inheritance tax administrator with assistants,
clerks, or stenographers (until the elimination of the office of
inheritance tax administrator).
SOURCE: IC 6-4.1-12-11; (02)IN1352.1.27. -->
SECTION 27.
IC 6-4.1-12-11
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 11. The department of
state revenue and the inheritance tax administrator (until the
elimination of the office of inheritance tax administrator) shall
gather information and make investigations concerning the estates of
non-residents whose deaths result in the imposition of a tax under this
article.
SOURCE: IC 6-4.1-12-12; (02)IN1352.1.28. -->
SECTION 28.
IC 6-4.1-12-12
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 12. (a) The department,
the department's counsel, agents, clerks, stenographers, other
employees, or former employees, or any other person who gains access
to the inheritance tax files shall not divulge any information disclosed
by the documents required to be filed under this article. However,
disclosure may be made in the following cases:
(1) To comply with an order of a court.
(2) To the members and employees of the department.
(3) To the members and employees of county offices and courts
to the extent they need the information for inheritance tax
purposes.
IC 5-14-3-6.5
does not apply to this subdivision.
(4) To the governor.
(5) To the attorney general.
(6) To any other legal representative of the state in any action
pertaining to the tax due under this article.
(7) To any authorized officer of the United States, when the
recipient agrees that the information is confidential and will be
used solely for official purposes.
(8) Upon the receipt of a certified request, to any designated
officer of a tax department of any other state, district, territory, or
possession of the United States, when the state, district, territory,
or possession permits the exchange of like information with the
taxing officials of Indiana and when the recipient agrees that the
information is confidential and will be used solely for tax
collection purposes.
(9) Upon receipt of a written request, to the director of the
division of family and children and to any county director of
family and children, when the recipient agrees that the
information is confidential and will be used only in connection
with their official duties.
(10) To the attorney listed on the inheritance tax return under
IC 6-4.1-4-1
(before its repeal) or
IC 6-4.1-4-7
(before its
repeal).
(11) To a devisee, an heir, a successor in interest, or a surviving
joint tenant of the decedent for whom an inheritance tax return
was filed or, upon the receipt of a written request, to an agent or
attorney of a devisee, an heir, a successor in interest, or a
surviving joint tenant of the decedent.
(b) Any person who knowingly violates this section:
(1) commits a Class C misdemeanor; and
(2) shall be immediately dismissed from the person's office or
employment, if the person is an officer or employee of the state.
SOURCE: IC 6-8-5-1; (02)IN1352.1.29. -->
SECTION 29.
IC 6-8-5-1
IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2002]: Sec. 1. (a) All bonds issued after March
11, 1959, or notes, warrants, or other evidences of indebtedness issued
in the state of Indiana by or in the name of any county, township, city,
incorporated town, school corporation, state educational institution or
state supported institution of higher learning, or any other political,
municipal, public or quasi-public corporation or body, or in the name
of any special assessment or taxing district or in the name of any
authorized body of any such corporation or district, the interest thereon,
the proceeds received by a holder from the sale of such obligations to
the extent of the holder's cost of acquisition, or proceeds received upon
redemption prior to maturity, or proceeds received at maturity, and the
receipt of such interest and proceeds, shall be exempt from taxation in
the state of Indiana for all purposes except a state inheritance tax
imposed under IC 6-4.1.
(b) All bonds issued after March 11, 1933, and before March 12,
1959, by any municipality in this state under the provisions of any
statute whereby the terms thereof provide for the payment of such
bonds out of the funds derived from the revenues of any municipally
owned utility or which are to be paid by pledging the physical property
of any such municipally owned utility, or any bonds issued pledging
both the physical property and the revenues of such utility, or any
bonds issued for additions to or improvements to be made to such
municipally owned utility, or any bonds issued by any municipality to
be paid out of taxes levied by such municipality for the acquiring,
purchase, construction, or the reconstruction of a utility, or any part
thereof, shall be exempt from taxation for all purposes except a state
inheritance tax imposed under IC 6-4.1.
(c) This section does not apply to measuring the franchise tax
imposed on the privilege of transacting the business of a financial
institution in Indiana under IC 6-5.5.
(d) No other statute exempting interest paid on debt obligations of:
(1) a state or local public entity, including an agency, a
government corporation, or an authority; or
(2) a corporation or other entity leasing real or personal property
to an entity described in subdivision (1);
applies to measuring of the franchise tax imposed on financial
institutions under IC 6-5.5.
SOURCE: IC 8-10-1-27; (02)IN1352.1.30. -->
SECTION 30.
IC 8-10-1-27
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 27. (a) The exercise of
the powers granted by this chapter will be in all respects for the benefit
of the people of the state, for the increase of their commerce and
prosperity, and for the improvement of their health and living
conditions.
(b) As the operation and maintenance of a port project by the
commission will constitute the performance of essential governmental
functions, the commission shall not be required to pay any taxes or
assessments upon any port project or any property acquired or used by
the commission under the provisions of this chapter or upon the income
therefrom. The bonds issued by the commission, the interest thereon,
the proceeds received by a holder from the sale of such bonds to the
extent of the holder's cost of acquisition, or proceeds received upon
redemption prior to maturity or proceeds received at maturity, and the
receipt of such interest and proceeds shall be exempt from taxation in
the state of Indiana for all purposes except the financial institutions tax
imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
(c) Notwithstanding any other statute, a lessee's leasehold estate in
land that is part of a port and that is owned by the state or the
commission is exempt from property taxation.
SOURCE: IC 8-14.5-6-12; (02)IN1352.1.31. -->
SECTION 31.
IC 8-14.5-6-12
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 12. All bonds or notes
issued under this article are issued by a body corporate and politic of
this state, but not a state agency, and for an essential public and
governmental purpose. The bonds and notes, the interest on the bonds
and notes, the proceeds received by an owner from the sale of the
bonds or notes to the extent of the owner's cost of acquisition, proceeds
received upon redemption for maturity, proceeds received at maturity,
and the receipt of the interest and proceeds are exempt from taxation
for all purposes except the financial institutions tax imposed under
IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1.
SOURCE: IC 8-21-9-31; (02)IN1352.1.32. -->
SECTION 32.
IC 8-21-9-31
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 31. (a) The exercise of
the powers granted by this chapter will be in all respects for the benefit
of the people of the state, for the increase of their commerce and
prosperity, and for the improvement of their health and living
conditions, and as the operation and maintenance of an airport facility
or airport facilities by the department will constitute the performance
of essential governmental functions, the department shall not be
required to pay any taxes or assessments upon any airport facility or
airport facilities or any property acquired or used by the department
under the provisions of this chapter, or upon the income therefrom, and
the bonds issued under the provisions of this chapter, the interest
thereon, the proceeds received by a holder from the sale of such bonds
to the extent of the holder's cost of acquisition, or proceeds received
upon redemption prior to maturity or proceeds received at maturity, and
the receipt of such interest and proceeds shall be exempt from taxation
in the state of Indiana for all purposes except the financial institutions
tax imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
(b) All properties both real and personal owned and operated by the
department or leased by the department for proprietary purposes shall
be assessed and added to the local tax rolls as any other private
property. Such proprietary operations, under control of either the
authority or a lessee of the department, shall be subject to Indiana state
gross income, adjusted gross income, and sales tax laws.
SOURCE: IC 8-22-3-17; (02)IN1352.1.33. -->
SECTION 33.
IC 8-22-3-17
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 17. (a) For the purpose
of raising money to pay all bonds issued under section 16 of this
chapter and any interest on them, the principal of and interest on any
outstanding bonds or obligations payable from taxes and assumed
under section 33 of this chapter, and leases entered into under
IC 8-22-3.6
that are payable in whole or in part from a property tax
levy, the board shall levy each year a special tax upon all of the
property, both real and personal, located within the district in a manner
and in an amount to meet and pay the principal of the bonds as they
severally mature, together with all interest accruing on them, and to pay
lease rentals as they become due, after taking into account all other
revenues pledged to the payment of the bonds or lease rentals.
(b) The board shall file the tax levied each year with the county
auditor of the county in which the district is located under
IC 6-1.1-17.
(c) The tax levied shall be collected and enforced by the treasurer
of the county under IC 6-1.1, and as the tax is collected by the treasurer
of the county it shall be paid over to the treasurer of the authority. The
treasurer shall accumulate and keep the tax in a separate fund to be
known as the "airport authority bond fund", which shall be applied to
the payment of the bonds and the interest on them as they severally
mature and to the payment of lease rentals and to no other purposes.
(d) The bonds issued under this chapter and the interest on them are
exempt from taxation for all purposes except the financial institutions
tax imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
SOURCE: IC 8-22-3-18.1; (02)IN1352.1.34. -->
SECTION 34.
IC 8-22-3-18.1
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 18.1. (a) The board
may:
(1) finance capital improvements, including the acquisition of real
estate;
(2) refund any bonds; or
(3) pay any loan contract;
by borrowing money and issuing revenue bonds from time to time
under this section.
(b) The issuance of revenue bonds must be authorized by ordinance
of the board in at least one (1) series, may bear a date or dates, may
mature at a time or times not exceeding forty (40) years from their
respective dates, may bear interest, may be in a denomination or
denominations, may be in a form, either coupon or registered, may
carry registration and conversion privileges, may be executed in a
manner, may be payable in a medium of payment and at a place or
places, may be subject to terms of redemption, with or without a
premium, may be declared or become due before the maturity date,
may provide for the replacement of mutilated, destroyed, stolen, or lost
bonds, may be authenticated in a manner and upon compliance with
conditions, and may contain other terms and covenants that the
ordinance of the board provides. Notwithstanding the form or tenor of
the bonds, and in the absence of express recitals on their faces that the
bonds are nonnegotiable, the bonds are negotiable instruments.
(c) The issuance of revenue bonds must be approved as follows:
(1) When the authority is established by an eligible entity, by the
entity's executive.
(2) When the authority is established by at least two (2) eligible
entities acting jointly, by the executive of each of those entities.
(3) When the authority was established under
IC 19-6-2
(before
its repeal on April 1, 1980), by the executive of the consolidated
city.
(4) When the authority was established under
IC 19-6-3
(before
its repeal on April 1, 1980), by the county fiscal body.
For purposes of this subsection, the entire legislative body of a town is
considered the executive of the town.
(d) The bonds must be executed in the name of the authority by the
president of the board and attested by the secretary, and interest
coupons may be executed by placing on the interest coupons the
facsimile signature of the president of the board. The bonds are valid
and binding obligations of the authority for all purposes,
notwithstanding that before delivery of the bonds any of the persons
whose signatures appear on the bonds have ceased to be officers of the
entity or authority, as if the persons had continued to be officers of the
entity and authority until after delivery. The validity of the
authorization and issuance of the bonds is not dependent on or affected
in any way by proceedings taken for the improvement for which the
bonds are to be issued, or by contracts made in connection with the
improvement. An ordinance authorizing revenue bonds must provide
that a revenue bond contain a recital that the bond is issued under this
chapter, and a bond containing the recital under authority of an
ordinance is considered valid and issued in conformity with this
chapter.
(e) At the discretion of the board, the revenue bonds shall be sold
either under the procedures for selling public bonds or at a negotiated
sale. The bonds may be sold in installments at different times, or an
entire issue or series may be sold or exchanged at one (1) time. Any
issue or series of the bond may be sold in part or sold in part in
installments at different times or at one (1) time.
(f) The bonds are special obligations of the authority and are
payable solely from and secured by a lien upon the revenues of all or
part of the facilities of the authority, as shall be more fully described in
the ordinance of the board authorizing the issuance of the bonds, and,
subject to the Constitution and to the prior or superior rights of any
person, the board may by ordinance pledge and assign for the security
of the bonds all or part of the gross or net revenues of the enterprise.
(g) All bonds of the same issue shall be equally and ratably secured,
without priority by reason of number, date of bonds, of sale, of
execution, or of delivery, by a lien upon the revenues in accordance
with this section and the ordinance authorizing the issuance of the
bonds.
(h) This chapter does not alter the rights granted to or the
agreements made with the holders of any notes, bonds, or other
obligations of the board outstanding on April 1, 1980.
(i) The bonds, and interest on the bonds, are not a debt of the
authority or the board, nor a charge, a lien, or an encumbrance, legal or
equitable, upon property of the board, or upon income, receipts, or
revenues of the board other than those revenues of the facilities that
have been pledged to the payment of the bonds. Every bond must recite
in substance that the bond, including interest, is payable solely from the
revenues pledged to the bond's payment, and that the board is under no
obligation to pay the bond, except from those revenues.
(j) The bonds and the income from the bonds are exempt from
taxation, except the financial institutions tax imposed under IC 6-5.5
or a state inheritance tax imposed under IC 6-4.1.
(k) In order that the payment of the revenue bonds and the interest
on the bonds be adequately secured, the board and its officers, agents,
and employees shall:
(1) pay or cause to be paid punctually the principal of every bond,
and the interest on every bond, on the date or dates and at the
place or places and in the manner and out of the funds mentioned
in the bonds and in the attached coupons, in accordance with the
ordinance authorizing their issuance;
(2) operate the facilities of the authority, the revenues of which
are pledged to the bonds, in an efficient and economical manner
and establish, levy, maintain, and collect fees, tolls, rentals, rates,
and other charges that may be necessary or proper, which must be
at least sufficient after making due and reasonable allowance for
contingencies and for a margin of error in the estimates:
(A) to pay all current expenses of operation, maintenance, and
repair of the facilities;
(B) to pay the interest on and principal of the bonds as the
bonds become due and payable;
(C) to comply in all respects with the terms of the ordinance
authorizing the issuance of bonds or any other contract or
agreement with the holders of the bonds; and
(D) to meet any other obligations of the board that are charges,
liens, or encumbrances upon the revenues of the facilities;
(3) operate and maintain the facilities and every part of the
facilities in good working order and condition;
(4) preserve the security of the bonds and the rights of the holders,
and warrant and defend the rights against all claims and demands
of all persons;
(5) pay the lawful claims for labor, materials, and supplies, which,
if unpaid, might by law become a lien or charge upon the
revenues or part of the revenues, superior to the lien of the bonds,
or that might impair the security of the bonds, to the end that the
priority and security of the bonds be fully preserved;
(6) hold in trust the revenues pledged to the payment of the bonds
for the benefit of the holders of the bonds and apply the revenues
only as provided by the ordinance authorizing the issuance of the
bonds or, if the ordinance is modified, as provided in the
ordinance as modified; and
(7) keep proper books of record and accounts of the facilities
(separate from all other records and accounts) in which complete
and correct entries are made of all transactions relating to the
facilities or part of the facilities, the revenues of which are
pledged and that, together with all other books and papers of the
board, are at all times subject to the inspection of the holder or
holders of not less than ten percent (10%) of the bonds then
outstanding or the holder's or the holders' representative duly
authorized in writing.
None of the duties in this subsection require the expenditure in any
manner or for any purpose by the board of any funds other than
revenues received or receivable from the enterprise or facilities.
(l) The board may insert provisions in an ordinance or a resolution
authorizing the issuance of revenue bonds, which becomes a part of the
contract with the holders of the revenue bonds, as to:
(1) limitations on the purpose to which the proceeds of sale of any
issue of revenue bonds, or any notes, bonds, or other obligations
payable from the revenues to finance the improving of the
facilities may be applied;
(2) limitations on the issuance of additional bonds, or additional
notes, bonds, or other obligations to finance the improving of the
facilities, including liens;
(3) limitations on the right of the board to restrict and regulate the
use of the facilities;
(4) the amount and kind of insurance to be maintained on the
facilities and the use and disposition of insurance money;
(5) pledging all or part of the revenues of the facilities to which
the board's right exists;
(6) covenanting against pledging all or part of the revenues of the
facilities to which its right exists;
(7) events of default and terms and conditions upon which the
bonds become or may be declared due before maturity and as to
the terms and conditions upon which declaration and its
consequences may be waived;
(8) the rights, liabilities, powers, and duties arising upon the
breach by it of any covenants, conditions, or obligations;
(9) the vesting in a trust or trustees the right to enforce covenants
made to secure, to pay, or in relation to the bonds, as to the
powers and duties of the trustee or trustees, and the limitation of
liabilities, and as to the terms and conditions upon which the
holders of the bonds or any proportion or percentage of the
holders of the bonds may enforce any covenants made or duties
imposed under this chapter;
(10) a procedure by which the terms of an ordinance authorizing
revenue bonds, or any other contract with bondholders, such as an
indenture of trust or similar instrument, may be amended or
abrogated and as to the amount of bonds, the holders of which
must consent to them and the manner in which such consent may
be given;
(11) the execution of all instruments necessary or convenient in
the exercise of the powers granted by this chapter or in the
performance of the duties of the board and the officers, agents,
and employees of them;
(12) refraining from pledging, claiming, or taking the benefit or
advantage of any stay or extension law whenever enacted, which
may affect the duties or covenants of the board in relation to the
bonds, or the performance or the lien of the bonds;
(13) the purchase out of funds available, including the proceeds
of revenue bonds, of outstanding notes, bonds, or obligations and
the price or prices at which and the manner in which purchases
may be made; and
(14) other acts and things that may be necessary, convenient, or
desirable in order to secure the bonds, or that may tend to make
the bonds more marketable.
This section does not authorize the board to make covenants, to
perform an act, or to do anything that requires the expenditure by the
board of funds other than revenues received or receivable from the
facilities.
(m) In the event that the board defaults in the payment of the
principal or interest on any of the revenue bonds after the bonds
become due, whether at maturity or upon call for redemption, and the
default continues for a period of thirty (30) days, or in the event that the
board or the board's officers, agents, or employees fail or refuse to
comply with this chapter or default in an agreement made with the
holders of the bonds, any holder or holders of revenue bonds, or a
trustee for the holder or holders of the bonds, has the right to apply in
an appropriate judicial proceeding to the circuit or superior court of the
county in which the district is situated, in which the facilities are
located, or in any court of competent jurisdiction, for the appointment
of a receiver of the facilities, whether or not the holder, holders, or
trustee is seeking or has sought to enforce any other right or to exercise
any remedy in connection with the bonds. Upon application, the circuit
or superior court may appoint, and if the application is made by the
holders of twenty-five percent (25%) in principal amount of the bonds
then outstanding or by a trustee for holders of the bonds in that amount
shall appoint, a receiver for the enterprise.
(n) The receiver appointed shall, directly or by the receiver's agents
and attorneys, enter into and upon and take possession of the facilities,
the revenues of which are pledged, and every part of the facilities, and
may exclude the board, the board's officers, agents, and employees, and
all persons claiming under them. The receiver may have, hold, use,
operate, manage, and control the facilities in the name of the board or
otherwise, as the receiver considers best, and may exercise all rights
and powers of the board with respect to the facilities as the board itself
might do. The receiver shall maintain, restore, and insure the facilities,
shall make all necessary repairs, shall establish, levy, maintain, and
collect fees, tolls, rentals, and other charges in connection with the
facilities that the receiver considers necessary or proper and
reasonable, and shall collect and receive all revenues, deposit the
revenues in a separate account, and apply the revenues in the manner
that the court directs.
(o) Whenever all that is due upon the revenue bonds and interest on
the bonds, and upon other notes, bonds, or other obligations, and
interest on the notes, bonds, or obligations, having a charge, lien, or
encumbrance on the revenues of the facilities and under the terms of
covenants or agreements with bondholders has been paid or deposited,
and all defaults have been cured and made good, the court may in its
discretion, and after notice and hearing that the court considers
reasonable and proper, direct the receiver to surrender possession of
the facilities to the board, with the right of the holders of the bonds to
secure the appointment of a receiver upon subsequent default
remaining in force.
(p) The receiver shall act under the direction and supervision of the
court making the appointment and is at all times subject to the orders
and decrees of the court, including possible removal. Nothing
contained in this section limits or restricts the jurisdiction of the court
to enter other or further orders and decrees as the court considers
necessary or appropriate for the exercise by the receiver of functions
specifically set forth.
(q) Subject to contractual limitations binding upon the holders or a
trustee of an issue of revenue bonds, including but not limited to the
restrictions of the exercise of a remedy to a specified proportion or
percentage of the holders, a holder or trustee of the bonds may, for the
equal benefit and protection of all holders of revenue bonds similarly
situated:
(1) by mandamus or other suit, action, or proceeding at law or in
equity enforce rights against the board and any of the board's
officers, agents, and employees and require and compel the board
or the board's officers, agents, or employees to perform and carry
out duties and obligations under this chapter and covenant
agreements with bondholders;
(2) by action or suit in equity require the board to account as if the
board were the trustee of an express trust;
(3) by action or suit in equity enjoin any acts or things that may be
unlawful or in violation of the rights of the bondholders; or
(4) bring suit upon the bonds.
No remedy conferred by this chapter upon a holder or trustee of
revenue bonds is intended to be exclusive of any other remedy, but
each remedy is in addition to every other remedy and may be exercised
without exhausting and without regard to any other remedy conferred
by this chapter or by any other law. No waiver of a default or breach of
duty or contract, whether by a holder or trustee of revenue bonds
extends to or affects a subsequent default or breach of duty or contract
or impairs any rights or remedies on them. No delay or omission of a
bondholder or trustee extends to or affects a subsequent default or
breach of duty or contract or impairs any rights or remedies. No delay
or omission of a bondholder or trustee to exercise a right or power
accruing upon default impairs the right or power or may be construed
to be a waiver of the default or acquiescence in it. Every substantive
right and every remedy conferred upon the holders of revenue bonds
may be enforced and exercised from time to time and as often as is
expedient. In case any suit, action, or proceeding to enforce a right or
exercise a remedy is brought or taken and then discontinued or
abandoned, or is determined adversely to the holder or trustee of the
revenue bonds, then the board and the holder or trustee shall be
restored to their former positions and rights and remedies as if no suit,
action, or proceeding had been brought or taken.
(r) Refunding or refunding and improvement revenue bonds may be
issued in accordance with the provisions for the refinancing or
refinancing and improving of any of the facilities for which revenue
bonds or a loan contract have been issued or made under this section
or section 19 of this chapter.
(s) This section constitutes full authority for the issuance of revenue
bonds. No procedure, proceedings, publications, notices, consents,
approvals, orders, acts, or things by the board, by a board, an officer,
a commission, a department, an agency, or an instrumentality of the
state, or by an eligible entity is required to issue revenue bonds or to do
any act or perform anything under this chapter, except as presented by
this chapter. The powers conferred by this chapter are in addition to,
and not in substitution for, and the limitations imposed by this section
do not affect, the powers conferred in another section of this chapter or
by any other statute.
SOURCE: IC 8-22-3.7-21; (02)IN1352.1.35. -->
SECTION 35.
IC 8-22-3.7-21
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 21. (a) All:
(1) property owned by the development authority;
(2) revenues of the development authority; and
(3) bonds issued by the development authority, the interest on the
bonds, the proceeds received by a holder from the sale of bonds
to the extent of the holder's cost of acquisition, proceeds received
upon redemption before maturity, proceeds received at maturity,
and the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
(b) All securities issued under this chapter are exempt from the
registration requirements of
IC 23-2-1
and other securities registration
statutes.
SOURCE: IC 14-13-1-38; (02)IN1352.1.36. -->
SECTION 36.
IC 14-13-1-38
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 38. (a) The commission
is not required to pay any taxes or assessments upon any of the
following:
(1) A project of the commission.
(2) A facility, betterment, or improvement within a project.
(3) Property acquired or used by the commission under this
chapter or
IC 14-6-29
(before its repeal).
(4) The income or revenue from the property.
(b) The:
(1) bonds issued under this chapter or under
IC 14-6-29
(before
its repeal);
(2) interest on the bonds;
(3) proceeds received by a holder from the sale of the bonds to the
extent of the holder's cost of acquisition;
(4) proceeds received upon redemption before maturity or
proceeds received at maturity; and
(5) receipt of interest and proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 14-13-2-28; (02)IN1352.1.37. -->
SECTION 37.
IC 14-13-2-28
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 28. (a) The commission
is not required to pay any taxes or assessments upon any of the
following:
(1) A project of the commission.
(2) A facility, a betterment, or an improvement within a project.
(3) Property acquired or used by the commission under this
chapter or under
IC 14-6-29.5
(before its repeal).
(4) The income or revenue from the property.
(b) The:
(1) bonds issued under this chapter or under
IC 14-6-29.5
(before
its repeal);
(2) interest on the bonds;
(3) proceeds received by a holder from the sale of the bonds to the
extent of the holder's cost of acquisition;
(4) proceeds received upon redemption before maturity or
proceeds received at maturity; and
(5) receipt of interest and proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 14-14-1-46; (02)IN1352.1.38. -->
SECTION 38.
IC 14-14-1-46
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 46. (a) The exercise of
the powers granted by this chapter will be in all respects for the benefit
of the people of Indiana and for the increase of their commerce, health,
enjoyment, and prosperity. The operation and maintenance of a park
project by the commission will constitute the performance of essential
governmental functions.
(b) The commission is not required to pay taxes or assessments
upon a park project or property acquired or used by the commission
under this chapter or
IC 14-3-12
(before its repeal) or upon the income
from the property. The following are exempt from taxation in Indiana
for all purposes except the financial institutions tax imposed under
IC 6-5.5 or a state inheritance tax imposed under IC 6-4.1:
(1) Bonds issued under this chapter or under
IC 14-3-12
(before
its repeal).
(2) Interest on the bonds.
(3) Proceeds:
(A) received by a holder from the sale of bonds to the extent
of the holder's cost of acquisition;
(B) received upon redemption before maturity; or
(C) received at maturity.
(4) Receipt of the interest and proceeds.
SOURCE: IC 15-1.5-9-9; (02)IN1352.1.39. -->
SECTION 39.
IC 15-1.5-9-9
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 9. Interest paid on
bonds issued under this chapter is exempt from taxation for all
purposes, except an inheritance a tax under IC 6-4.1 and for
determining financial institution tax liabilities under IC 6-5.5.
SOURCE: IC 16-22-6-34; (02)IN1352.1.40. -->
SECTION 40.
IC 16-22-6-34
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 34. The following are
exempt from state taxation except for the financial institutions tax
imposed under IC 6-5.5 or a
state inheritance tax imposed under
IC 6-4.1:
(1) Property owned by the authority.
(2) Revenues of the authority.
(3) Bonds or other securities and the interest on bonds and
securities issued by the authority.
(4) Proceeds received by a holder from the sale of the bonds, to
the extent of the holder's cost of acquisition.
(5) Proceeds received upon redemption at or before maturity and
the interest on the proceeds.
SOURCE: IC 16-22-7-39; (02)IN1352.1.41. -->
SECTION 41.
IC 16-22-7-39
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 39. The following are
exempt from state taxation except the financial institutions tax
imposed under IC 6-5.5 and the state inheritance tax: taxes imposed
under IC 6-4.1:
(1) All property owned by the authority.
(2) All revenues of the authority.
(3) All bonds or other securities issued by the authority and the
interest on the bonds or other securities, the proceeds received by
a holder from the sale of bonds to the extent of the holder's cost
of acquisition, proceeds received upon redemption at or before
maturity, and the interest on the proceeds.
SOURCE: IC 20-12-63-27; (02)IN1352.1.42. -->
SECTION 42.
IC 20-12-63-27
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 27. The exercise of the
powers granted by this chapter will be in all respects for the benefit of
the people of this state, for the increase of their commerce, welfare, and
prosperity, and for the improvement of their health and living
conditions. Because the operation and maintenance of a project by the
authority or its agent will constitute the performance of an essential
public function, neither the authority nor its agent shall be required to
pay any taxes or assessments, including mortgage recording taxes,
upon or in respect of:
(1) a project or any property acquired or used by the authority or
its agent under the provisions of this chapter or upon the income
from the project or property;
(2) the bonds issued under the provisions of this chapter or the
interest on those bonds; and
(3) the proceeds received from bonds issued under this chapter:
(A) by a holder from the sale of such bonds, to the extent of
the holder's cost of acquisition;
(B) upon redemption prior to maturity; or
(C) at maturity.
All bonds and the interest on bonds issued under this chapter are
exempt from taxation in the state of Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 21-9-7-3; (02)IN1352.1.43. -->
SECTION 43.
IC 21-9-7-3
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 3. An individual
account is not an asset for the purposes of
IC 6-4.1-2
(repealed July
1, 2004).
SOURCE: IC 27-1-29-17; (02)IN1352.1.44. -->
SECTION 44.
IC 27-1-29-17
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 17. (a) As used in this
section:
(1) "basic fund" refers to the political subdivision risk
management fund established by this chapter; and
(2) "catastrophic fund" refers to the political subdivision
catastrophic liability fund established by
IC 27-1-29.1.
(b) The commission may issue its bonds or notes in amounts that it
considers necessary to provide funds to:
(1) establish or maintain the reserve account in the catastrophic
fund provided for in
IC 27-1-29.1-8
;
(2) provide for the payment of liabilities payable out of the basic
fund to the extent such liabilities exceed the money in the basic
fund; and
(3) pay, fund, or refund, regardless of when due, the principal of
or interest or redemption premiums on bonds or notes issued
under subdivision (1) or (2).
Bonds or notes issued under subdivision (2) must mature within three
(3) years after their date of issuance.
(c) The bonds or notes of the commission may be issued and sold by
the commission to the Indiana bond bank under IC 5-1.5.
(d) Every issue of bonds or notes is an obligation of the commission.
An issue of bonds or notes under subsection (b)(1) is payable solely
from assessments imposed by the commission under
IC 27-1-29.1
on
political subdivisions that are members of the catastrophic fund, and
the commission may secure such bonds or notes by a pledge of
assessments imposed under
IC 27-1-29.1.
An issue of bonds or notes
under subsection (b)(2) is payable solely from assessments imposed by
the commission under section 12 of this chapter on political
subdivisions that are members of the basic fund, and the commission
may secure such bonds or notes by a pledge of assessments imposed
under section 12 of this chapter.
(e) A bond or note of the commission:
(1) is not a debt, liability, loan of credit, or pledge of the faith and
credit of the state; and
(2) must contain on its face a statement that the commission is
obligated to pay principal and interest, and the redemption
premium, if any, and that the faith, credit, and taxing power of the
state are not pledged to the payment of the bond or note.
(f) The state pledges to and agrees with the holders of the bonds or
notes issued under this chapter that the state will not:
(1) limit or restrict the rights vested in the commission to fulfill
the terms of any agreement made with the holders of its bonds or
notes; or
(2) in any way impair the rights or remedies of the holders of the
bonds or notes;
until the bonds or notes, together with the interest on the bonds or
notes, and interest on unpaid installments of interest, and all costs and
expenses in connection with an action or proceeding by or on behalf of
the holders, are fully met, paid, and discharged.
(g) The bonds or notes of the commission are negotiable instruments
for all purposes of IC 26-1, subject only to the provisions of the bonds
and notes for registration.
(h) Bonds or notes of the commission must be authorized by
resolution of the commission, may be issued in one (1) or more series,
and must:
(1) bear the date;
(2) mature at the time or times;
(3) be in the denomination;
(4) be in the form;
(5) carry the conversion or registration privileges;
(6) have the rank or priority;
(7) be executed in the manner;
(8) be payable from the sources in the medium of payment at the
place inside or outside the state; and
(9) be subject to the terms of redemption;
as the resolution of the commission or the trust agreement securing the
bonds or notes provides.
(i) Bonds or notes may be issued under this chapter without
obtaining the consent of any agency of the state and without any other
proceeding or condition other than the proceedings or conditions
specified in this chapter.
(j) The rate or rates of interest on the bonds or notes may be fixed
or variable. Variable rates shall be determined in the manner and in
accordance with the procedures set forth in the resolution authorizing
the issuance of the bonds or notes. Bonds or notes bearing a variable
rate of interest may be converted to bonds or notes bearing a fixed rate
or rates of interest, and bonds or notes bearing a fixed rate or rates of
interest may be converted to bonds or notes bearing a variable rate of
interest, to the extent and in the manner set forth in the resolution
pursuant to which the bonds or notes are issued. The interest on bonds
or notes may be payable semiannually or annually or at any other
interval or intervals as may be provided in the resolution, or the interest
may be compounded and paid at maturity or at any other times as may
be specified in the resolution.
(k) The bonds or notes may be made subject, at the option of the
holders, to mandatory redemption by the commission at the times and
under the circumstances set forth in the authorizing resolution.
(l) Bonds or notes of the commission may be sold at public or
private sale at such price, either above or below the principal amount,
as the commission fixes. If bonds or notes of the commission are to be
sold at public sale, the commission shall comply with
IC 5-1-11
and
shall publish notice of the sale in accordance with
IC 5-3-1-2
in two (2)
newspapers published and of general circulation in Indianapolis.
(m) The commission may periodically issue its notes under this
chapter and pay and retire the principal of the notes, pay the interest
due on the notes, or fund or refund the notes from proceeds of bonds or
of other notes or from other funds or money of the commission
available for that purpose in accordance with a contract between the
commission and the holders of the notes.
(n) The commission may secure any bonds or notes issued under
this chapter by a trust agreement by and between the commission and
a corporate trustee, which may be any trust company or bank having
the powers of a trust company within or outside Indiana.
(o) The trust agreement or the resolution providing for the issuance
of the bonds or notes may contain provisions for protecting and
enforcing the rights and remedies of the holders of any such bonds or
notes as are reasonable and proper and not in violation of law.
(p) The trust agreement or resolution may set forth the rights and
remedies of the holders of any bonds or notes and of the trustee and
may restrict the individual right of action by the holders.
(q) In addition to the provisions of subsections (n) through (p), any
trust agreement or resolution may contain other provisions the
commission considers reasonable and proper for the security of the
holders of any bonds or notes.
(r) All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be paid from assessments, revenues, or
assets pledged or assigned to the payment of the principal of and the
interest on bonds and notes or from any other funds available to the
commission.
(s) Notwithstanding the restrictions of any other law, all financial
institutions, investment companies, insurance companies, insurance
associations, executors, administrators, guardians, trustees, and other
fiduciaries may legally invest sinking funds, money, or other funds
belonging to them or within their control in bonds or notes issued under
this chapter.
(t) All bonds or notes issued under this chapter are issued by a body
corporate and politic of this state, but not a state agency, and for an
essential public and government purpose and the bonds and notes, the
interest thereon, the proceeds received by a holder from the sale of the
bonds or notes to the extent of the holder's cost of acquisition, proceeds
received upon redemption before maturity, and proceeds received at
maturity, and the receipt of the interest and proceeds are exempt from
taxation in Indiana for all purposes except the financial institutions tax
imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
SOURCE: IC 28-5-2-2; (02)IN1352.1.45. -->
SECTION 45.
IC 28-5-2-2
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 2. If any certificate
holder of any industrial loan and investment company shall die, leaving
unpledged certificates in such company and no executor of his will or
administrator of his estate has been appointed, such company, upon
receiving a waiver from the inheritance tax administrator (or after the
elimination of the office of inheritance tax administrator, from the
department of state revenue) under IC 6-4.1, may, in its discretion,
pay the value of such certificates to the widow, widower, or next of kin,
or may apply the value of such certificates to the payment of funeral
expenses or the expenses of the last sickness or other just debts of the
decedent. As a condition of such payment, such company shall require
proof by affidavit as to the parties in interest and shall also require the
filing of proper waivers and the execution of a bond of indemnity with
proper sureties from the parties interested, and a proper acquittance and
receipt for such payment by the person to whom such payment is made
shall fully release the company, and such company shall not thereafter
be held liable to the decedent's executor or administrator thereafter
appointed, or to any other person.
SOURCE: IC 29-1-1-3; (02)IN1352.1.46. -->
SECTION 46.
IC 29-1-1-3
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 3. The definitions and
rules of construction appearing in this section apply throughout this
article, unless otherwise apparent from the context.
"Child" includes an adopted child but does not include a grandchild
or other more remote descendants, nor, except as provided in
IC 29-1-2-5
, a child born out of wedlock.
"Claims" includes liabilities of a decedent which survive, whether
arising in contract or in tort or otherwise, funeral expenses, the expense
of a tombstone, expenses of administration, and all inheritance taxes
imposed under IC 6-4.1.
"Court" means the court having probate jurisdiction.
"Decedent" means one who dies testate or intestate.
"Devise" or "legacy", when used as a noun, means a testamentary
disposition of either real or personal property or both.
"Devise", when used as a verb, means to dispose of either real or
personal property or both by will.
"Devisee" includes legatee, and "legatee" includes devisee.
"Distributee" denotes those persons who are entitled to the real and
personal property of a decedent under a will, under the statutes of
intestate succession, or under
IC 29-1-4-1.
"Estate" denotes the real and personal property of the decedent or
protected person, as from time to time changed in form by sale,
reinvestment, or otherwise, and augmented by any accretions and
additions thereto and substitutions therefor and diminished by any
decreases and distributions therefrom.
"Fiduciary" includes a:
(1) personal representative;
(2) guardian;
(3) conservator;
(4) trustee; and
(5) person designated in a protective order to act on behalf of a
protected person.
"Heirs" denotes those persons, including the surviving spouse, who
are entitled under the statutes of intestate succession to the real and
personal property of a decedent on the decedent's death intestate, unless
otherwise defined or limited by the will.
"Incapacitated" has the meaning set forth in
IC 29-3-1-7.5.
"Interested persons" means heirs, devisees, spouses, creditors, or
any others having a property right in or claim against the estate of a
decedent being administered. This meaning may vary at different
stages and different parts of a proceeding and must be determined
according to the particular purpose and matter involved.
"Issue" of a person, when used to refer to persons who take by
intestate succession, includes all lawful lineal descendants except those
who are lineal descendants of living lineal descendants of the intestate.
"Lease" includes an oil and gas lease or other mineral lease.
"Letters" includes letters testamentary, letters of administration, and
letters of guardianship.
"Minor" or "minor child" or "minority" refers to any person under
the age of eighteen (18) years.
"Mortgage" includes deed of trust, vendor's lien, and chattel
mortgage.
"Net estate" refers to the real and personal property of a decedent
exclusive of the allowances provided under
IC 29-1-4-1
and
enforceable claims against the estate.
"Person" includes natural persons and corporations.
"Personal property" includes interests in goods, money, choses in
action, evidences of debt, and chattels real.
"Personal representative" includes executor, administrator,
administrator with the will annexed, administrator de bonis non, and
special administrator.
"Property" includes both real and personal property.
"Protected person" has the meaning set forth in
IC 29-3-1-13.
"Real property" includes estates and interests in land, corporeal or
incorporeal, legal or equitable, other than chattels real.
"Will" includes all wills, testaments, and codicils. The term also
includes a testamentary instrument which merely appoints an executor
or revokes or revives another will.
The singular number includes the plural and the plural number
includes the singular.
The masculine gender includes the feminine and neuter.
SOURCE: IC 29-1-17-14; (02)IN1352.1.47. -->
SECTION 47.
IC 29-1-17-14
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 14. (a) If, after an estate
has been settled and the personal representative discharged, other
property of the estate shall be discovered, or if it shall appear that any
necessary act remains unperformed on the part of the personal
representative, or for any other proper cause, the court, upon the
petition of the discharged personal representative or any person
interested in the estate and, without notice or upon such notice as it
may direct, may order that said estate be reopened. It may reappoint the
personal representative or appoint another personal representative to
administer such property or perform such act as may be deemed
necessary. Unless the court shall otherwise order, the provisions of this
article as to an original administration shall apply to the proceedings
had in the reopened administration so far as may be, but no claim
which is already barred can be asserted in the reopened administration.
(b) Whenever any solvent estate has been closed, and it thereafter
appears that any assets thereof have not been fully administered upon,
the court may, if it appears practicable, order such assets distributed to,
or title vested in, the persons entitled thereto after compliance with
requirements as to an inheritance a tax imposed under IC 6-4.1, in lieu
of reopening the estate as provided in the preceding subsection. No
additional notice of such proceedings shall be necessary unless so
ordered by the court.
SOURCE: IC 29-1-17-15.1; (02)IN1352.1.48. -->
SECTION 48.
IC 29-1-17-15.1
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 15.1. (a) Whenever any
person has died leaving property or any interest therein and no general
administration has been commenced on his estate in this state, nor has
any will been offered for probate in this state, within five (5) months
after his death, any person claiming an interest in such property as heir
or through an heir may file a petition in any court which would be of
proper venue for the administration of such decedent's estate, to
determine the heirs of said decedent and their respective interests as
heirs in the estate.
(b) The petition shall state:
(1) the name, age, domicile and date of death of the decedent;
(2) the names, ages and residence addresses of the heirs, so far as
known or can with reasonable diligence be ascertained;
(3) the names and residence addresses of any persons claiming
any interest in such property through an heir, so far as known or
can by reasonable diligence be ascertained;
(4) a particular description of the property with respect to which
such determination is sought;
and
(5) the net value of the estate.
(c) Upon the filing of the petition, the court shall fix the time for the
hearing thereof, notice of which shall be given to:
(1) all persons known or believed to claim any interest in the
property as heir or through an heir of the decedent;
(2) all persons who may at the date of the filing of the petition be
shown by the records of conveyances of the county in which any
real property described in such petition is located to claim any
interest therein through the heirs of the decedent; and
(3) any unknown heirs of the decedent.
Such notice shall be given by publication and, in addition, personal
notice by registered mail shall be given to every such person whose
address is known to the petitioner. Upon satisfactory proofs, including
proof of compliance with
inheritance the tax laws
of this state set forth
in IC 6-4.1, the court shall make a decree determining the heirs of said
decedent and their respective interests as heirs in said property.
(d) A certified copy of the decree shall be recorded at the expense
of the petitioner in each county in which any real property described
therein is situated except the county in which the decree is entered, and
shall be conclusive evidence of the facts determined therein as against
all parties to the proceedings.
SOURCE: IC 29-3-3-3; (02)IN1352.1.49. -->
SECTION 49.
IC 29-3-3-3
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 3. Except as otherwise
determined in a dissolution of marriage proceeding, a custody
proceeding, or in some other proceeding authorized by law, including
a proceeding under section 6 of this chapter or another proceeding
under this article, and unless a minor is married, the parents of the
minor jointly (or the survivor if one (1) parent is deceased), if not an
incapacitated person, have, without the appointment of a guardian,
giving of bond, or order or confirmation of court, the right to custody
of the person of the minor and the power to execute the following on
behalf of the minor:
(1) Consent to the application of subsection (c) of Section 2032A
of the Internal Revenue Code, which imposes personal liability
for payment of the tax under that Section.
(2) Consent to the application of Section 6324A of the Internal
Revenue Code, which attaches a lien to property to secure
payment of taxes deferred under Section 6166 of the Internal
Revenue Code.
(3) Any other consents, waivers, or powers of attorney provided
for under the Internal Revenue Code.
(4) Waivers of notice permissible with reference to proceedings
under IC 29-1.
(5) Consents, waivers of notice, or powers of attorney under any
statute, including the Indiana inheritance tax law (IC 6-4.1), laws
set forth in IC 6-4.1, the Indiana gross income tax law (IC 6-2.1),
and the Indiana adjusted gross income tax law (IC 6-3).
(6) Consent to unsupervised administration as provided in
IC 29-1-7.5.
(7) Federal and state income tax returns.
(8) Consent to medical or other professional care, treatment, or
advice for the minor's health and welfare.
SOURCE: IC 30-4-1-2; (02)IN1352.1.50. -->
SECTION 50.
IC 30-4-1-2
, AS AMENDED BY P.L.41-2000,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2002]: Sec. 2. As used in this article:
(1) "Adult" means any person eighteen (18) years of age or older.
(2) "Affiliate" means a parent, descendant, spouse, spouse of a
descendant, brother, sister, spouse of a brother or sister,
employee, director, officer, partner, joint venturer, a corporation
subject to common control with the trustee, a shareholder, or
corporation who controls the trustee or a corporation controlled
by the trustee other than as a fiduciary.
(3) "Beneficiary" means any cestui que trust or person named or
a member of the class designated in the terms of the trust to be
any person or class of persons for whose benefit the title to the
trust property is held and for whom the trust is to be administered.
(4) "Breach of trust" means a violation by the trustee of any duty
which is owed to the settlor or beneficiary.
(5) "Charitable trust" means a trust in which all the beneficiaries
are the general public or organizations, including trusts,
corporations, and associations, and that is organized and operated
wholly for religious, charitable, scientific, public safety testing,
literary, or educational purposes. The term does not include
charitable remainder trusts, charitable lead trusts, pooled income
funds, or any other form of split-interest charitable trust that has
at least one (1) noncharitable beneficiary.
(6) "Court" means a court having jurisdiction over trust matters.
(7) "Income beneficiary" means a beneficiary to whom income is
presently payable or for whom it is accumulated for distribution
as income.
(8) "Inventory value" means the cost of property to the settlor or
the trustee at the time of acquisition or the market value of the
property at the time it is delivered to the trustee, or the value of
the property as finally determined for purposes of an estate or
inheritance a tax law set forth in IC 6-4.1.
(9) "Minor" means any person under the age of eighteen (18)
years.
(10) "Person" means a natural person, corporation, or a unit,
agency, or other subdivision of national, state, or local
government.
(11) "Personal representative" means an executor or administrator
of a decedent's or absentee's estate, guardian of the person or
estate, guardian ad litem or other court appointed representative,
next friend, parent or custodian of a minor, attorney in fact, or
custodian of an incapacitated person (as defined in
IC 29-3-1-7.5
).
(12) "Remainderman" means a beneficiary entitled to principal,
including income which has been accumulated and added to the
principal.
(13) "Settlor" means a person who establishes a trust including
the testator of a will under which a trust is created.
(14) "Trust estate" means the trust property and the income
derived from its use.
(15) "Trust for a benevolent public purpose" means a charitable
trust (as defined in subdivision (5)), a split-interest trust (as
defined in Section 4947 of the Internal Revenue Code), and any
other form of split-interest charitable trust that has both charitable
and noncharitable beneficiaries, including but not limited to
charitable remainder trusts, charitable lead trusts, and charitable
pooled income funds.
(16) "Trust property" means property either placed in trust or
purchased or otherwise acquired by the trustee for the trust
regardless of whether the trust property is titled in the name of the
trustee or the name of the trust.
(17) "Trustee" means the person who is charged with the
responsibility of administering the trust and includes a successor
or added trustee.
SOURCE: IC 30-4-5-11; (02)IN1352.1.51. -->
SECTION 51.
IC 30-4-5-11
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 11. (a) The following
charges shall be made against income:
(1) Ordinary expenses incurred in the administration,
management, or preservation of the trust property, including but
not limited to regularly recurring taxes assessed against any
portion of the principal, water rates, premiums on insurance taken
upon the interests of the income beneficiary, remainderman, or
trustee, interest paid by the trustee, and ordinary repairs.
(2) A reasonable allowance for depreciation on property subject
to depreciation under generally accepted accounting principles,
but no allowance may be made for depreciation of that portion of
any real property used by a beneficiary as a residence or for
depreciation of any property held by the trustee on September 2,
1971, for which
he the trustee is not then making an allowance
for depreciation.
(3) Fifty percent (50%) of court costs, attorney's fees, and other
fees on periodic judicial accounting, unless the court directs
otherwise.
(4) Court costs, attorney's fees, and other fees on other
accountings or judicial proceedings if the matter primarily
concerns the income interest unless the court directs otherwise.
(5) Fifty percent (50%) of the trustee's regular compensation and
fifty percent (50%) of the fee of an agent of the trustee charged in
lieu of all or part of the trustee's regular compensation, whether
based on a percentage of principal or income, and all expenses
reasonably incurred by
him the trustee for current management
of principal and application of income.
(6) Any tax levied upon receipts defined as income under this
article or the trust instrument and payable by the trustee.
(b) If charges against income are of unusual amount, the trustee
may, by means of reserves or other reasonable means, charge them over
a reasonable period of time and withhold from distribution sufficient
sums to regularize distributions.
(c) The following charges shall be made against principal:
(1) Compensation of the trustee and an agent of the trustee not
chargeable to income under subsection (a)(4) and (a)(5), special
compensation of the trustee and an agent of the trustee, expenses
reasonably incurred in connection with principal, the court costs
and attorney's fees primarily concerning matters of principal, and
the compensation of the trustee and an agent of the trustee
computed on the principal as an acceptance, distribution, or
termination fee. However, if in the judgment of the trustee the
charging of all or part of the compensation to the principal is
impracticable because of the lack of sufficient principal cash and
readily marketable intangible personal property or inadvisable
because of the nature of the assets, all or part of the compensation
may be paid out of income. The decision of the trustee to pay a
larger portion or all of the compensation out of income is
conclusive, and the income of the trust is not entitled to
reimbursement from the principal at any subsequent time.
(2) Charges not provided for in subsection (a), including the cost
of investing and reinvesting principal, the payments on principal
of an indebtedness (including a mortgage amortized by periodic
payments or principal), expenses for preparation of property for
rental or sale, and, unless the court directs otherwise, expenses
incurred in maintaining or defending any action to construe the
trust or protect it or the property or assure the title of any trust
property.
(3) Extraordinary repairs or expenses incurred in making a capital
improvement to principal, including special assessments, but a
trustee may establish an allowance for depreciation out of income
to the extent permitted by subsection (a)(2) of this section and by
sections 6 and 7 of this chapter.
(4) Any tax levied upon profit, gain, or other receipts allocated to
principal notwithstanding characterization of the tax as an income
tax by the taxing authority.
(5) If an estate or inheritance a tax is levied under IC 6-4.1 in
respect to a trust in which both an income beneficiary and a
remainderman have an interest, any amount apportioned to the
trust, including interest and penalties, even though the income
beneficiary also has rights in the principal.
(d) Regularly recurring charges payable from income shall be
apportioned to the same extent and in the same manner that income is
apportioned under section 3 of this chapter.
SOURCE: IC 33-19-5-6; (02)IN1352.1.52. -->
SECTION 52.
IC 33-19-5-6
, AS AMENDED BY P.L.183-2001,
SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2002]: Sec. 6. (a) Except as provided under subsection (c), for
each action filed under:
(1)
IC 6-4.1-5
(determination of inheritance tax, based on a cause
of action arising before the repeal of
IC 6-4.1-5
);
(2) IC 29 (probate); and
(3) IC 30 (trusts and fiduciaries);
the clerk shall collect from the party filing the action a probate costs fee
of one hundred twenty dollars ($120).
(b) In addition to the probate costs fee collected under this section,
the clerk shall collect from the party filing the action the following fees
if they are required under
IC 33-19-6
:
(1) A document fee.
(2) A judicial salaries fee (IC 33-19-6-18).
(3) A document storage fee (IC 33-19-6-18.1).
(4) An automated record keeping fee (IC 33-19-6-19).
(c) A clerk may not collect a court costs fee for the filing of the
following exempted actions:
(1) Petition to open a safety deposit box.
(2) Filing an inheritance tax return (where a return is due before
the repeal of
IC 6-4.1-2
), unless proceedings other than the
court's approval of the return become necessary.
(3) Offering a will for probate under
IC 29-1-7
, unless
proceedings other than admitting the will to probate become
necessary.
SOURCE: IC 34-24-1-5; (02)IN1352.1.53. -->
SECTION 53.
IC 34-24-1-5
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 5. (a) If:
(1) the court has entered judgment in favor of the state, and a unit
(if appropriate) concerning property that is subject to seizure
under this chapter; and
(2) a person:
(A) holding a valid lien, mortgage, security interest, or interest
under a conditional sales contract; or
(B) who is a co-owner of the property;
did not know of the illegal use;
the court shall determine whether the secured interest or the co-owner's
interest is equal to or in excess of the appraised value of the property.
(b) Appraised value is to be determined as of the date of judgment
on a wholesale basis by:
(1) agreement between the secured party or the co-owner and the
prosecuting attorney; or
(2) the inheritance tax appraiser for the county in which the action
is brought (before the elimination of the office of inheritance
tax appraiser).
(c) If the amount:
(1) due to the secured party; or
(2) of the co-owner's interest;
is equal to or greater than the appraised value of the property, the court
shall order the property released to the secured party or the co-owner.
(d) If the amount:
(1) due the secured party; or
(2) of the co-owner's interest;
is less than the appraised value of the property, the holder of the
interest or the co-owner may pay into the court an amount equal to the
owner's equity, which shall be the difference between the appraised
value and the amount of the lien, mortgage, security interest, interest
under a conditional sales contract, or co-owner's interest. Upon such
payment, the state or unit, or both, shall relinquish all claims to the
property, and the court shall order the payment deposited as provided
in section 4(d) of this chapter.
(e) If the seized property is a vehicle and if the security holder or the
co-owner elects not to make payment as stated in subsection (d), the
vehicle shall be disposed of in accordance with section 4(c) of this
chapter.
SOURCE: IC 34-24-2-5; (02)IN1352.1.54. -->
SECTION 54.
IC 34-24-2-5
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 5. (a) If a person
holding a valid lien, mortgage, security interest, or interest under a
conditional sales contract did not know the property was the object of
corrupt business influence, the court shall determine whether the
secured interest is equal to or in excess of the appraised value of the
property.
(b) Appraised value is to be determined as of the date of judgment
on a wholesale basis by:
(1) agreement between the secured party and the prosecuting
attorney; or
(2) the inheritance tax appraiser for the county in which the action
is brought
(before the elimination of the office of inheritance
tax appraiser).
(c) If the amount due to the secured party is equal to or greater than
the appraised value of the property, the court shall order the property
released to the secured party.
(d) If the amount due the secured party is less than the appraised
value of the property, the holder of the interest may pay into the court
an amount equal to the owner's equity, which shall be the difference
between the appraised value and the amount of the lien, mortgage,
security interest, or interest under a conditional sales contract. Upon
payment, the state or unit, or both, shall relinquish all claims to the
property.
SOURCE: IC 36-7-14.5-23; (02)IN1352.1.55. -->
SECTION 55.
IC 36-7-14.5-23
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 23. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the extent
of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and
the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 36-7-15.3-19; (02)IN1352.1.56. -->
SECTION 56.
IC 36-7-15.3-19
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 19. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the extent
of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and
the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 36-7-23-48; (02)IN1352.1.57. -->
SECTION 57.
IC 36-7-23-48
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 48. All property, both
tangible and intangible, acquired or held by the authority under this
chapter is public property used for public and governmental purposes.
All the property, along with the income from the property, is exempt
from all taxes imposed by the state or a political subdivision, except for
the financial institutions tax imposed under IC 6-5.5 or
a state
inheritance the estate tax imposed under IC 6-4.1.
SOURCE: IC 36-9-3-31; (02)IN1352.1.58. -->
SECTION 58.
IC 36-9-3-31
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 31. (a) This section
applies to an authority that includes a county having a population of
more than four hundred thousand (400,000) but less than seven
hundred thousand (700,000).
(b) The authority may issue revenue or general obligation bonds
under this section.
(c) The board may issue revenue bonds of the authority for the
purpose of procuring money to pay the cost of acquiring real or
personal property for the purpose of this chapter. The issuance of bonds
must be authorized by resolution of the board and approved by the
county fiscal bodies of the counties in the authority before issuance.
The resolution must provide for the amount, terms, and tenor of the
bonds, and for the time and character of notice and mode of making
sale of the bonds.
(d) The bonds are payable at the times and places determined by the
board, but they may not run more than thirty (30) years after the date
of their issuance and must be executed in the name of the authority by
an authorized officer of the board and attested by the secretary. The
interest coupons attached to the bonds may be executed by placing on
them the facsimile signature of the authorized officer of the board.
(e) The president of the authority shall manage and supervise the
preparation, advertisement, and sale of the bonds, subject to the
authorizing ordinance. Before the sale of bonds, the president shall
cause notice of the sale to be published in accordance with
IC 5-3-1
,
setting out the time and place where bids will be received, the amount
and maturity dates of the issue, the maximum interest rate, and the
terms and conditions of sale and delivery of the bonds. The bonds shall
be sold in accordance with
IC 5-1-11.
After the bonds have been
properly sold and executed, the executive director or president shall
deliver them to the controller of the authority and take his receipt for
them, and shall certify to the treasurer the amount that the purchaser is
to pay, together with the name and address of the purchaser. On
payment of the purchase price the controller shall deliver the bonds to
the purchaser, and the controller and executive director or president
shall report their actions to the board.
(f) General obligation bonds issued under this section are subject to
the provisions of IC 5-1 and
IC 6-1.1-20
relating to the filing of a
petition requesting the issuance of bonds, the appropriation of the
proceeds of bonds, the right of taxpayers to appeal and be heard on the
proposed appropriation, the approval of the appropriation by the state
board of tax commissioners, the right of taxpayers to remonstrate
against the issuance of bonds, and the sale of bonds for not less than
their par value.
(g) Notice of the filing of a petition requesting the issuance of
bonds, notice of determination to issue bonds, and notice of the
appropriation of the proceeds of the bonds shall be given by posting in
the offices of the authority for a period of one (1) week and by
publication in accordance with
IC 5-3-1.
(h) The bonds are not a corporate indebtedness of any unit, but are
an indebtedness of the authority as a municipal corporation. A suit to
question the validity of the bonds issued or to prevent their issuance
may not be instituted after the date set for sale of the bonds, and after
that date the bonds may not be contested for any cause.
(i) The bonds issued under this section and the interest on them are
exempt from taxation for all purposes except the financial institutions
tax imposed under IC 6-5.5 or a state inheritance tax imposed under
IC 6-4.1.
SOURCE: IC 36-9-25-27; (02)IN1352.1.59. -->
SECTION 59.
IC 36-9-25-27
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 27.
(a) To raise money
to pay for the property and the construction, and in anticipation of the
special tax to be levied as provided in sections 19 and 29 of this
chapter, the board may have issued, in the name of the municipality,
the bonds of the district. The bonds may not exceed in amount the
estimated cost of all land, rights-of-way, and other property to be
acquired and the estimated cost of all construction as provided in the
resolution, including all expenses necessarily incurred in connection
with the proceedings, together with a sum sufficient to pay the cost of
supervision and inspection during the period of construction. The
expenses to be covered by the bond issue include all expenses of every
kind actually incurred preliminary to acquisition of the property and the
construction of the work, such as the cost of necessary records,
engineering expenses, publication of notices, salaries, and other
expenses.
(b) If different parcels of land are to be acquired, or if more than one
(1) contract for work is let by the board at approximately the same
time, whether under one (1) or more resolutions of the board, the
estimated cost may be combined in one (1) bond issue. The bonds shall
be issued in denominations of at least one thousand dollars ($1,000)
each and shall have a final maturity of not later than fifty (50) years
from the date of issue. The bonds are negotiable unless registered, but
may be made registrable for principal only or principal and interest.
The bonds may be made redeemable before the stated maturities on
terms and conditions and at the premiums that the board determines in
the resolution authorizing the issuance of the bonds.
(c) Upon adoption of a resolution ordering bonds, the board shall
certify a copy of the resolution to the municipal fiscal officer, who shall
then prepare the bonds. The municipal executive shall execute the
bonds and the fiscal officer shall attest them. The bonds and interest are
exempt from taxation for all purposes, except the financial institutions
tax imposed under IC 6-5.5 or an inheritance a tax imposed under
IC 6-4.1. All bonds issued by the board shall be sold by the fiscal
officer to the highest bidder, but not for less than par, after giving
notice of the sale by publication in accordance with
IC 5-3-1.
(d) The bonds are not a corporate obligation or indebtedness of the
municipality, but constitute an indebtedness of the district as a special
taxing district. Except as provided in section 29(c) of this chapter, the
bonds and interest are payable only out of a special tax levied upon all
the property of the district as provided in this chapter. The bonds must
recite these terms upon their face, together with the purpose for which
they are issued.
(e) The board may sell bonds of the district to run for a period of
five (5) years from the date of sale. The five (5) year bonds are exempt
from taxation for all purposes except for the financial institutions tax
imposed under IC 6-5.5. The board may sell bonds of the district in
series for the purpose of refunding at any time the five (5) year bonds.
Actions questioning the validity of the bonds issued or to prevent their
issue may not be brought after the date set for the sale of the bonds, and
all bonds are incontestable for any cause after that date.
(f) The total amount of the bond issue, including bonds already
issued and to be issued, may not exceed twelve percent (12%) of the
total adjusted value of taxable property in the district as determined
under
IC 36-1-15.
All bonds issued in violation of this subsection are
void.
SOURCE: IC 36-10-9.1-22; (02)IN1352.1.60. -->
SECTION 60.
IC 36-10-9.1-22
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 22. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds issued by the authority, the interest on the bonds, the
proceeds received by a holder from the sale of bonds to the extent
of the holder's cost of acquisition, proceeds received upon
redemption before maturity, proceeds received at maturity, and
the receipt of interest in proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a
state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 36-10-10-24; (02)IN1352.1.61. -->
SECTION 61.
IC 36-10-10-24
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 24. All:
(1) property owned by the authority;
(2) revenues of the authority; and
(3) bonds or other securities issued by the authority, the interest
on them, the proceeds received by a holder from the sale of bonds
to the extent of the holder's cost of acquisition, proceeds received
upon redemption prior to maturity, proceeds received at maturity,
and the receipt of interest and proceeds;
are exempt from taxation in Indiana for all purposes except the
financial institutions tax imposed under IC 6-5.5 or a state inheritance
tax imposed under IC 6-4.1.
SOURCE: IC 6-4.1-1-2; IC 6-4.1-1-3; IC 6-4.1-1-14; IC 6-4.1-2; IC
6-4.1-3; IC 6-4.1-4; IC 6-4.1-5; IC 6-4.1-6; IC 6-4.1-7; IC 6-4.1-8; IC
6-4.1-9; IC 6-4.1-12-1; IC 6-4.1-12-2; IC 6-4.1-12-4; IC 6-4.1-12-8;
IC 6-4.1-12-9; IC 6-4.1-12-10.
; (02)IN1352.1.62. -->
SECTION 62. THE FOLLOWING ARE REPEALED [EFFECTIVE
JULY 1, 2004]:
IC 6-4.1-1-2
;
IC 6-4.1-1-3
;
IC 6-4.1-1-14
;
IC 6-4.1-2
;
IC 6-4.1-3
;
IC 6-4.1-4
;
IC 6-4.1-5
;
IC 6-4.1-6
;
IC 6-4.1-7
;
IC 6-4.1-8
;
IC 6-4.1-9
;
IC 6-4.1-12-1
;
IC 6-4.1-12-2
;
IC 6-4.1-12-4
;
IC 6-4.1-12-8
;
IC 6-4.1-12-9
;
IC 6-4.1-12-10.
SOURCE: ; (02)IN1352.1.63. -->
SECTION 63. [EFFECTIVE JANUARY 1, 2002
(RETROACTIVE)]
IC 6-3-1-3.5
, as amended by this act, applies
only to taxable years beginning after December 31, 2001.
SOURCE: ; (02)IN1352.1.64. -->
SECTION 64.
An emergency is declared for this act.