Indiana § 6-1.1-42-23 Limitation of property eligible for deductions

Indiana Statutes

§ 6-1.1-42-23 — Limitation of property eligible for deductions

Indiana·Art. 1.1 PROPERTY TAXES·Ch. 42 Brownfield Revitalization Zone Tax Abatement

With respect to property in a particular brownfield revitalization zone, the designating body may do the following:

(1)Limit the type of property that is eligible for a deduction within a brownfield revitalization zone to personal property or real property.

(2)Limit the dollar amount of the individual or aggregate deductions that will be allowed with respect to personal property.

(3)Limit the dollar amount of the deduction that will be allowed with respect to real property.

(4)Impose reasonable conditions for allowing a deduction for tangible property under this chapter. The conditions must have a reasonable relationship to the development objectives of the area in which the designating body has jurisdiction. To exercise one (1) or more of these powers a designating body must include t

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With respect to property in a particular
brownfield revitalization zone, the designating body may do the
following:
(1) Limit the type of property that is eligible for a deduction
within a brownfield revitalization zone to personal property or
real property.
(2) Limit the dollar amount of the individual or aggregate
deductions that will be allowed with respect to personal property.
(3) Limit the dollar amount of the deduction that will be allowed
with respect to real property.
(4) Impose reasonable conditions for allowing a deduction for
tangible property under this chapter. The conditions must have a
reasonable relationship to the development objectives of the area
in which the designating body has jurisdiction.
To exercise one (1) or more of these powers a designating body must
include this fact in the resolution creating the brownfield revitalization
zone that is finally passed under section 13 of this chapter.

Indiana § 6-1.1-42-23 (Limitation of property eligible for deductions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.