Indiana § 6-1.1-42-28 Amount of deduction

Indiana Statutes

§ 6-1.1-42-28 — Amount of deduction

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

(a)Subject to this section and section 34 of this chapter, the amount of the deduction which the property owner is entitled to receive under this chapter for a particular year equals the product of:

(1)the increase in the assessed value resulting from the remediation and redevelopment in the zone or the location of personal property in the zone, or both; multiplied by

(2)the percentage determined under subsection (b).

(b)The percentage to be used in calculating the deduction under subsection (a) is as follows:

(1)For deductions allowed over a three (3) year period:

(2)For deductions allowed over a six (6) year period:

(3)For deductions allowed over a ten (10) year period:

(c)The amount of the deduction determined under subsection (a) shall be adjusted in accordance with this subsec

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Subject to this section and section 34 of
this chapter, the amount of the deduction which the property owner is
entitled to receive under this chapter for a particular year equals the
product of:
(1) the increase in the assessed value resulting from the
remediation and redevelopment in the zone or the location of
personal property in the zone, or both; multiplied by
(2) the percentage determined under subsection (b).
(b) The percentage to be used in calculating the deduction under
subsection (a) is as follows:
(1) For deductions allowed over a three (3) year period:
(2) For deductions allowed over a six (6) year period:
(3) For deductions allowed over a ten (10) year period:
(c) The amount of the deduction determined under subsection (a)
shall be adjusted in accordance with this subsection in the following
circumstances:
(1) If a reassessment under a county's reassessment plan prepared
under IC 6-1.1-4-4.2 occurs within the particular period of the
deduction, the amount determined under subsection (a)(1) shall
be adjusted to reflect the percentage increase or decrease in
assessed valuation that resulted from the reassessment.
(2) If an appeal of an assessment is approved that results in a
reduction of the assessed value of the redeveloped or rehabilitated
property, the amount of any deduction shall be adjusted to reflect
the percentage decrease that resulted from the appeal.
(3) The amount of the deduction may not exceed the limitations
imposed by the designating body under section 23 of this chapter.
(4) The amount of the deduction must be proportionally reduced
by the proportionate ownership of the property by a person that:
(A) has an ownership interest in an entity that contributed; or
(B) has contributed;
a contaminant (as defined in IC 13-11-2-42) that is the subject of
the voluntary remediation, as determined under the written
standards adopted by the department of environmental
management.
The department of local government finance may adopt rules under IC 4-22-2 to implement this subsection.

Indiana § 6-1.1-42-28 (Amount of deduction) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.59-1997, SEC.1. Amended by P.L.119-1999, SEC.9; P.L.90-2002, SEC.285; P.L.219-2007, SEC.86; P.L.112-2012, SEC.49; P.L.203-2016, SEC.19; P.L.86-2018, SEC.66.