§ 6-1.1-45-9 — Eligibility for deduction; amount; conditions; approval by fiscal body or legislative body

Indiana § 6-1.1-45-9

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 45: Enterprise Zone Investment Deduction

Text

(a) Subject to subsection (d), a taxpayer that
makes a qualified investment is entitled to a deduction from the
assessed value of the taxpayer's enterprise zone property located at the
enterprise zone location for which the taxpayer made the qualified
investment. The amount of the deduction is equal to the remainder of:
(1) the total amount of the assessed value of the taxpayer's
enterprise zone property assessed at the enterprise zone location
on a particular assessment date; minus
(2) the total amount of the base year assessed value for the
enterprise zone location.
(b) Subject to subsection (c), a taxpayer that makes a qualified
investment is entitled to a deduction from the assessed value of the
taxpayer's entrepreneur and enterprise district property located at the
entrepreneur and enterprise district location for which the taxpayer
made the qualified investment. The amount of the deduction is equal
to the remainder of:
(1) the total amount of the assessed value of the taxpayer's
entrepreneur and enterprise district property assessed at the
entrepreneur and enterprise district location on a particular
assessment date; minus
(2) the total amount of the base year assessed value for the
entrepreneur and enterprise district location.
(c) To receive the deduction allowed under subsection (a) or (b) for
a particular year, a taxpayer must comply with the conditions set forth
in this chapter.
(d) A taxpayer that makes a qualified investment in an enterprise
zone established under IC 5-28-15-11 that is under the jurisdiction of
a military base reuse authority board created under IC 36-7-14.5 or IC 36-7-30-3 is entitled to a deduction under this section only if the
deduction is approved by the legislative body of the unit that
established the military base reuse authority board.
(e) Except as provided in subsection (d), a taxpayer that makes a
qualified investment at an enterprise zone location or an entrepreneur
and enterprise district location that is located within an allocation area,
as defined by IC 6-1.1-21.2-3, is entitled to a deduction under this
section only if the deduction is approved by the:
(1) fiscal body of the unit, in the case of an allocation area
established under IC 6-1.1-39;
(2) legislative body of the unit described in IC 8-22-3.5-1, in the
case of an allocation area located in an airport development zone;
(3) legislative body of the unit that established the department of
redevelopment, in the case of an allocation area established under
IC 36-7-14;
(4) legislative body of the unit that established the redevelopment
authority, in the case of an allocation area established under IC 36-7-14.5;
(5) legislative body of the consolidated city or excluded city that
approved the establishment of the allocation area, in the case of
an allocation area established under IC 36-7-15.1; or
(6) legislative body of the unit that established the reuse authority,
in the case of an allocation area established under IC 36-7-30.

Legislative History

As added by P.L.214-2005, SEC.16. Amended by P.L.154-2006, SEC.60; P.L.211-2007, SEC.5; P.L.146-2008, SEC.304; P.L.238-2017, SEC.15.