HB 1149 Summary

• Limits the special valuation method for integrated steel mill and oil refinery/petrochemical equipment to assessment dates before 2012.

• Allows taxpayers to calculate property tax value using a depreciation table with percentages ranging from 40% (year 1) to 10% (year 8 and older) of adjusted cost.

• Expires the special valuation method on January 1, 2013, returning these properties to standard depreciation rules.

• Repeals a related provision from P.L.131-2008, Section 76 effective January 1, 2011 (retroactively).

• Declares an emergency for the act's implementation.