House Bill 1492 Summary

• Allows designating bodies to specify building characteristics for "eligible vacant building" tax deductions and extends the maximum deduction term from 2 years to 10 years for buildings occupied after July 1, 2013.

• Creates a new property tax deduction for property owners likely to vacate buildings without tax relief, requiring submission of a statement of benefits detailing employment estimates, building description, and likelihood of vacancy.

• Permits alternative abatement schedules for eligible vacant building deductions based on investment amount, job creation, wage levels, and infrastructure needs.

• Requires compliance reporting showing extent to which approved employment and other benefits have been achieved, with information made public except for individual employee salaries.

• Effective July 1, 2013, applies to Indiana Code Title 6 (taxation) provisions governing economic revitalization areas and vacant building deductions.