Sec. 1. As used in this chapter, “business personal property” means personal property that: (1) is otherwise subject to assessment and taxation under this article; and (2) is used in a trade or business or otherwise held, used, or consumed in connection with the production of income. The term does not include mobile homes assessed […]
Sec. 2. As used in this chapter, “local income tax council” refers to the local income tax council established by IC 6-3.6-3-1 for a county. As added by P.L.80-2014, SEC.2. Amended by P.L.197-2016, SEC.8.
Sec. 3. As used in this chapter, “exemption ordinance” refers to an ordinance adopted under section 5 of this chapter by a local income tax council. As added by P.L.80-2014, SEC.2. Amended by P.L.197-2016, SEC.9.
Sec. 4. As used in this chapter, “new personal property” means business personal property that: (1) a taxpayer places in service after the later of the date the exemption ordinance is adopted or a date specified in the exemption ordinance; and (2) has not previously been used in Indiana before the taxpayer acquires the business […]
Sec. 5. (a) A local income tax council may adopt an exemption ordinance that exempts new personal property located in the county from property taxation as provided in section 6 of this chapter. (b) For purposes of adopting an exemption ordinance under this chapter, a local income tax council is comprised of the same members […]
Sec. 6. An exemption ordinance adopted under this chapter must exempt all new personal property. As added by P.L.80-2014, SEC.2.
Sec. 7. A local income tax council may repeal or amend an exemption ordinance. However, if a local income tax council repeals or amends an exemption ordinance, any new personal property that was exempt under the exemption ordinance on the date the new personal property was placed into service by a taxpayer remains exempt from […]
Sec. 8. A taxpayer is not required to file an application or a personal property tax return to qualify for an exemption under this chapter. As added by P.L.80-2014, SEC.2.
