2.
(a)This section applies to assessment dates
occurring after December 31, 2015.
(b)As used in this section, "affiliate" means an entity that
effectively controls or is controlled by a taxpayer or is associated with
a taxpayer under common ownership or control, whether by
shareholdings or other means.
(c)As used in this section, "business personal property" means
personal property that:
(1)is otherwise subject to assessment and taxation under this
article;
(2)is used in a trade or business or otherwise held, used, or
consumed in connection with the production of income; and
(3)was:
(A)acquired by the taxpayer in an arms length transaction from
an entity that is not an affiliate of the taxpayer, if the personal
property has been previously used in Indiana before being
placed in serv
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2. (a) This section applies to assessment dates
occurring after December 31, 2015.
(b) As used in this section, "affiliate" means an entity that
effectively controls or is controlled by a taxpayer or is associated with
a taxpayer under common ownership or control, whether by
shareholdings or other means.
(c) As used in this section, "business personal property" means
personal property that:
(1) is otherwise subject to assessment and taxation under this
article;
(2) is used in a trade or business or otherwise held, used, or
consumed in connection with the production of income; and
(3) was:
(A) acquired by the taxpayer in an arms length transaction from
an entity that is not an affiliate of the taxpayer, if the personal
property has been previously used in Indiana before being
placed in service in the county; or
(B) acquired in any manner, if the personal property has never
been previously used in Indiana before being placed in service
in the county.
The term does not include mobile homes assessed under IC 6-1.1-7,
personal property held as an investment, or personal property that is
assessed under IC 6-1.1-8 and is owned by a public utility subject to
regulation by the Indiana utility regulatory commission. However, the
term does include the personal property of a telephone company or a
communications service provider if that personal property meets the
requirements of subdivisions (1) through (3), regardless of whether that
personal property is assessed under IC 6-1.1-8 and regardless of
whether the telephone company or communications service provider is
subject to regulation by the Indiana utility regulatory commission.
(d) Notwithstanding section 7 of this chapter, if the acquisition cost
of a taxpayer's total business personal property in a county is less than:
(1) eighty thousand dollars ($80,000) for assessment dates before
2026; and
(2) two million dollars ($2,000,000) for the 2026 assessment date,
and each assessment date thereafter;
the taxpayer's business personal property in the county for that
assessment date is exempt from taxation.
(e) Subject to subsection (f), a taxpayer that is eligible for the
exemption under this section for an assessment date shall include the
following information on the taxpayer's personal property tax return:
(1) A declaration that the taxpayer's business personal property in
the county is exempt from property taxation.
(2) Whether the taxpayer's business personal property within the
county is in one (1) location or multiple locations.
(3) An address for the location of the property.
If the business personal property is in multiple locations within a
county, the taxpayer shall provide an address for the location where the
sum of acquisition costs for business personal property is greatest. If
two (2) or more addresses contain the greatest equivalent sum of
acquisition costs for business personal property within a given county,
the taxpayer shall choose only one (1) address to list on the return.
(f) Beginning after December 31, 2022, a taxpayer that has included
the information required under subsection (e) on the taxpayer's
personal property tax return to claim the exemption under this section
is not required to file a personal property return for the taxpayer's
business personal property for an assessment date that occurs after the
assessment date for which the information is first provided under
subsection (e), unless or until the taxpayer no longer qualifies for the
exemption under subsection (d) for a subsequent assessment date.
(g) This subsection applies to a taxpayer who filed a business
personal property tax return on or after April 15, 2025, in which the
taxpayer claimed an exemption under this section for the 2025
assessment date of more than eighty thousand dollars ($80,000) under
provisions enacted in SEA 1-2025, but before those provisions were
repealed in HEA 1427-2025. A taxpayer described in this subsection
is not entitled to an exemption under this section that exceeds the
amount as amended in HEA 1427-2025, and the taxpayer must file an
amended return not later than May 31, 2025.