(A) (1) Pursuant to I.C. 6-1.1-12-42, this section is adopted to provide for a 100% deduction from tax which is assessed on inventory beginning January 1, 2003.
(2) For purposes of this section, INVENTORY has the meaning set forth in I.C. 6-1.1-3-11 which is defined as follows:
(a) Materials held for processing or for use in production;
(b) Finished or partially finished goods of a manufacturer or processor; and
(c) Property held for sale in the ordinary course of trade or business.
(B) Pursuant to I.C. 6-1.1-12-42(d), a taxpayer is not required to file an application to qualify for a deduction permitted by this section.
(C) The deduction established by this section must be applied to any inventory assessment made by:
(1) An assessing official;
(2) A County Property Tax Board of Appeals; or
(3) The Department of Local Government Finance.
(D) A copy of this section shall be filed with the State Department of Local Government Finance before February 1, 2003.
(Council Ord. 2002-1, passed 12-30-2002)