§ 6-1.1-12.1-17 — Abatement schedules

Indiana § 6-1.1-12.1-17

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 12.1: Deduction for Rehabilitation or Redevelopment of

Text

(a) A designating body may provide to a
business that is established in or relocated to a revitalization area and
that receives a deduction under section 4 or 4.5 of this chapter an
abatement schedule based on the following factors:
(1) The total amount of the taxpayer's investment in real and
personal property.
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state
minimum wage.
(4) The infrastructure requirements for the taxpayer's investment.
(5) In the case of a deduction for new farm equipment or new
agricultural improvement, an agreement by the deduction
applicant to predominately use the area for agricultural purposes
for a period specified by the designating body.
(b) This subsection applies to a statement of benefits approved after
June 30, 2013. A designating body shall establish an abatement
schedule for each deduction allowed under this chapter. An abatement
schedule must specify the percentage amount of the deduction for each
year of the deduction. Except as provided in subsection (d) and section
18 of this chapter, an abatement schedule may not exceed ten (10)
years.
(c) An abatement schedule approved for a particular taxpayer before
July 1, 2013, remains in effect until the abatement schedule expires
under the terms of the resolution approving the taxpayer's statement of
benefits.
(d) An abatement schedule for new farm equipment or new
agricultural improvement may not exceed five (5) years.

Legislative History

As added by P.L.173-2011, SEC.9. Amended by P.L.288-2013, SEC.20; P.L.80-2014, SEC.5; P.L.8-2022, SEC.13.