HB 1277 Summary

• Defines "nanotechnology" as sciences and technologies enabling understanding, measuring, 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.

• Exempts nanotechnology equipment from personal property taxation if it 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.

• Grants township or county assessors authority to review and allow or deny exemption claims in whole or in part based on whether equipment meets the stated requirements.