§ 8-10-1-27 — Tax exemptions

Indiana § 8-10-1-27

• Jurisdiction: Indiana
• Art. 10: PORTS
• Ch. 1: Ports of Indiana─Organization

Text

(a) The exercise of the powers granted by this
article will be in all respects for the benefit of the people of the state,
for the increase of their commerce and prosperity, and for the
improvement of their health and living conditions.
(b) As the operation and maintenance of a port or project by the
ports of Indiana will constitute the performance of essential
governmental functions, the ports of Indiana shall not be required to
pay any taxes or assessments upon any port or project or any property
acquired or used by the ports of Indiana under the provisions of this
article or upon the income therefrom. The bonds issued by the ports of
Indiana, the interest thereon, the proceeds received by a holder from
the sale of such bonds to the extent of the holder's cost of acquisition,
or proceeds received upon redemption prior to maturity or proceeds
received at maturity, and the receipt of such interest and proceeds shall
be exempt from taxation in the state of Indiana for all purposes except
the financial institutions tax imposed under IC 6-5.5.
(c) Notwithstanding any other statute, a lessee's leasehold estate in
land that is part of a port and that is owned by the state or the ports of
Indiana is exempt from property taxation. However, an exemption
under this subsection is not available for land not located at a port.
Formerly: Acts 1961, c.11, s.27. As amended by P.L.66-1984,
SEC.12; P.L.21-1990, SEC.39; P.L.60-1992, SEC.1; P.L.254-1997(ss),
SEC.13; P.L.224-2003, SEC.223 and P.L.271-2003, SEC.23;
P.L.98-2008, SEC.36; P.L.79-2017, SEC.54.