(A) Application. Pursuant to I.C. 6-1.1-12.1-5.5, the owner of property which has been declared to be an economic revitalization area and who desires to obtain the tax deduction provided by I.C. 6-1.1-12.1-4.5 for "new manufacturing equipment" must file a certified deduction application, on forms prescribed by the State Board of Tax Commissioners with the County Auditor and with the State Board of Tax Commissioners. A deduction application must be filed in the year in which the new manufacturing equipment is installed and in each of the following years for which abatement is sought.
(B) Length of deduction. For projects for which the statement of benefits was approved July 1, 2000, or after except as provided in I.C. 6-1.1-12.1-4.5(g), an owner of new manufacturing equipment is eligible for a deduction from the assessed value of that equipment for a period of one to ten years.
(CC Res. 2006-07, passed 5-4-06)