Indiana Statutes
§ 5-28-29-10 — "Passive real estate ownership"
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 29 Capital Access Program
As used in this chapter, "passive real estate ownership" means ownership of real estate for the purpose of deriving income from speculation, trade, or rentals, except that the term does not include the following:
(1)Ownership of that part of real estate being used or intended to
be used for the operation of the business of the owner of the real
estate.
(2)Ownership of real estate for the purpose of construction or
renovation until the completion of the construction or renovation
phase.
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Legislative History
As added by P.L.162-2007, SEC.24.
Nearby Sections
15
§ 5-1-1-1
Validation§ 5-1-1-2
Repealed§ 5-1-10-1
Issuance; purpose; restrictions§ 5-1-11-7
Restrictions on powers§ 5-1-11.5-1
"ADM"§ 5-1-11.5-2
"Bonds"§ 5-1-11.5-3
Application to certain school corporations§ 5-1-12-1
"Municipal corporation" defined