§ 8-21-9-31 — Tax exemptions; tax assessments

(a) The exercise of the powers granted by this
chapter 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, and as the operation
and maintenance of an airport facility or airport facilities by the
department will constitute the performance of essential governmental
functions, the department shall not be required to pay any taxes or
assessments upon any airport facility or airport facilities or any
property acquired or used by the department under the provisions of
this chapter, or upon the income therefrom, and the bonds issued under
the provisions of this chapter, 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.
(b) All properties both real and personal owned and operated by the
department or leased by the department for proprietary purposes shall
be assessed and added to the local tax rolls as any other private
property. Such proprietary operations, under control of either the
authority or a lessee of the department, shall be subject to Indiana
adjusted gross income and sales tax laws.
Formerly: Acts 1971, P.L.105, SEC.2. As amended by Acts
1980, P.L.74, SEC.362; P.L.21-1990, SEC.41; P.L.254-1997(ss),
SEC.15; P.L.192-2002(ss), SEC.145; P.L.79-2017, SEC.56.