HB 1039 Summary

• Defines "nanotechnology" as sciences and technologies enabling understanding, measuring, manipulating, and manufacturing at atomic, molecular, and supramolecular levels to create materials, devices, and systems with new properties and functions.

• Adds nanotechnology to the eligible economic development areas for grants and loans from the Indiana Twenty-First Century Research and Technology Fund, alongside biomedical research, biotechnology, information technology, and alternative fuel technologies.

• Provides a personal property tax exemption for nanotechnology equipment that is directly related to nanotechnology research or primarily used in a nanotechnology-based project, program, or business.

• Requires equipment owners to claim the exemption on their annual personal property return with a description and assessed value of the property.

• Authorizes township or county assessors to review, allow, or deny exemption claims in whole or in part and to reduce assessed values accordingly.