Senate Bill 375 Summary

• Changes the minimum personal property tax depreciation floor from 30% to 20% for assessment dates beginning on or after March 1, 2014.

• Applies the 20% minimum valuation threshold to both assessable depreciable personal property in individual taxing districts and distributable depreciable personal property statewide.

• Exempts equipment not placed in service, special tooling, permanently retired depreciable personal property, and construction in progress from the 20% minimum valuation requirement.

• Requires the 20% minimum value test to be applied before any special adjustments for abnormal obsolescence.

• Effective July 1, 2013, amending Indiana Code sections 6-1.1-3-22 and 6-1.1-8-44.