HB 1217 Summary

• Eliminates property taxes on depreciable personal property used in trade or business with a useful life of more than one year, effective for assessment dates after February 28, 2010.

• Exempts from taxation: commercial vessels, motor vehicles, motorized boats, commercial vehicles, inventory, recreational vehicles, and specified nonbusiness personal property (all-terrain vehicles, snowmobiles, rowboats, yard tractors, and certain trailers).

• Excludes investment property from the depreciable personal property tax elimination.

• Directs the legislative council to prepare legislation for the 2011 session to eliminate obsolete references to depreciable personal property taxation in Indiana law.

• Declares an emergency for the bill's enactment.