HB 1138 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 list of economic development areas eligible for grants and loans from the Indiana Twenty-First Century Research and Technology Fund.

• Exempts nanotechnology equipment from personal property taxation if the equipment is directly related to nanotechnology research or primarily used in a nanotechnology-based project, program, or business.

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

• Effective July 1, 2013.