IN HB1396

Exempts business personal property with book value under $50,000 from property taxation and eliminates filing requirements for such property as of assessment dates after December 31, 2014.

Provides full property tax exemption for new businesses for the first three assessment dates after beginning operations in Indiana.

Grants property tax exemption for eligible taxpayers (in business over 3 years) on the growth portion of business personal property above the average assessed value for the three preceding assessment dates.

Authorizes counties to impose an additional economic development income tax rate not exceeding 0.25% or the rate necessary to offset homestead property tax decreases resulting from the business personal property exemptions.

Allows counties and municipalities to establish permanent property tax abatement schedules for new equipment in revitalization areas with 100% deduction, subject to mandatory review every 10 years.