§ 6-1.1-3-22.5 — Personal property tax; depreciable property; year of acquisition

Indiana § 6-1.1-3-22.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 3: Procedures for Personal Property Assessment

Text

5. (a) Except as provided in subsection (b),
when a taxpayer acquires depreciable tangible personal property, the
year of acquisition for the depreciable tangible personal property is the
fiscal year determined as follows:
(1) The applicable fiscal year beginning January 2 and ending
January 1, for depreciable tangible personal property acquired
after January 1, 2016.
(2) The fiscal year beginning March 2, 2015, and ending January
1, 2016, for depreciable tangible personal property acquired after
March 1, 2015, and before January 2, 2016.
(3) The applicable fiscal year beginning March 2 and ending
March 1, for depreciable tangible personal property acquired
before March 2, 2015.
(b) If a taxpayer has a financial year that ends on December 31 or
January 31, the taxpayer may elect to use the same year as that used for
federal income tax purposes to determine the year of acquisition of
depreciable tangible personal property for Indiana property tax
reporting purposes. Otherwise, a taxpayer is not eligible to elect to use
a federal tax year to compute the year of acquisition for Indiana
property tax reporting purposes and must use the applicable fiscal year
specified in subsection (a).
(c) If a taxpayer makes a federal tax year election under subsection
(b), an acquisition of depreciable tangible personal property after the
close of the taxpayer's federal taxable year and on or before the
immediately following assessment date must be included in a separate
category on the taxpayer's return and clearly designated.

Legislative History

As added by P.L.245-2015, SEC.2.