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(A) Application. Pursuant to I.C. 6-1.1-12.1-5, 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. 6-1.1-12.1-3 for "property" must file a certified deduction application, on forms prescribed by the State Board of Tax Commissioners, with the County Auditor before May 10 (except as otherwise provided in I.C. 6-1.1-12.1-5(b) or (e)) of the year in which the addition to the assessed value is made.
(B) Length of deduction.
(1) For projects for which the statement of benefits was approved July 1, 2000, or after except as provided in I.C. 6-1.1-12.1-3(a), for redevelopment or rehabilitation is eligible for a deduction from the increase in assessed value for a period of one to ten years.
(2) For projects for which the statement of benefits was approved before July 1, 2000, for redevelopment or rehabilitation is eligible for a deduction from the increase in assessed value for periods of three, six, or ten years.
(CC Res. 2006-07, passed 5-4-06)
(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)
(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 research and development 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 research and development equipment is installed and in each of the following years for which phase-in 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 research and development 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)
In the event that a business decides to initiate an additional investment which was not included in its tax phase-in application and is of the same type of investment (real estate improvements, new manufacturing equipment or research and development equipment) for which the economic revitalization area was designated and said designation is still in effect, the business shall submit a new statement of benefits form to the Department before initiating (as discussed in § 36.30) the additional investment. The Department shall prepare a resolution for County Council action to approve the subsequent statement of benefits.
(CC Res. 2006-07, passed 5-4-06)
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