HB 1182 Summary

• Allows a five-year property tax abatement for personal property installed in qualified facilities after December 31, 2012.

• Qualified facilities must be rehabilitated and redeveloped for business use and subject to an income tax credit under industrial recovery sites, military base recovery sites, historic rehabilitation, or community revitalization enhancement district programs.

• Abatement property deduction equals 100% of assessed value for each year the property is subject to taxation.

• Taxpayers must claim the deduction on their personal property tax return or amended return within allowed timeframes.

• Taxpayers cannot claim this deduction for more than five calendar years or claim both this deduction and the deduction under IC 6-1.1-12.1 for the same property.