IN SB0353

Authorizes county councils to adopt an ordinance exempting all new personal property located in the county from property taxes, with the exemption duration specified in the ordinance

Defines "new personal property" as tangible personal property acquired after the ordinance takes effect, either never previously used in Indiana or purchased in an arms-length transaction from a non-affiliated entity

Allows counties to limit the exemption to a maximum dollar amount of new personal property or to property installed/placed in service after a specified date

Requires a public hearing with notice published and filed with all taxing units at least 10 days in advance before adopting, amending, or rescinding the ordinance

Taxpayers do not need to file an application for the exemption; the Department of Local Government Finance must incorporate the exemption into personal property return forms