HB 1363 Summary

• Creates annual property tax deduction up to $25,000 in assessed value for tangible personal property installed after March 1, 2012, used to secure fertilizers and pesticides that could be used for terrorism or illegal drug manufacturing.

• Allows deduction for fences and equipment that restrict access to or conduct surveillance on fertilizers and pesticides meeting state chemist and pesticide review board storage rules.

• Provides deduction for chemical additives designed to deter theft of qualifying fertilizers and pesticides when added after March 1, 2012.

• Requires filing a certified statement with the county auditor plus state chemist certification that property has been installed or placed in service by the personal property return due date.

• Prohibits claiming the farm security deduction and the investment abatement deduction under IC 6-1.1-12.4 for the same property in the same year.