IN HB1195

Adds a new assessed value deduction for depreciable personal property or utility distributable property acquired or installed after March 1, 2014, to offset effects of the 30% minimum personal property tax depreciation floor.

Qualifies property that is either depreciable personal property in a single taxing district or definite/indefinite-situs distributable property, and has never been previously used in Indiana before acquisition or installation.

Allows taxpayers a deduction when the true tax value of qualified property applying prescribed depreciation percentages would fall below the 30% minimum valuation threshold.

Calculates the deduction amount as the difference between true tax values computed at 30% depreciation versus the prescribed depreciation percentages for all qualified property in the taxing district.

Effective upon passage with an emergency declaration; takes effect immediately upon enactment.