House Bill 1407 Summary

• Establishes a definition of "nanotechnology" as sciences and technologies enabling understanding, measuring, and manufacturing at atomic, molecular, and supramolecular levels to create materials and systems with new molecular properties.

• Adds nanotechnology to the eligible areas for grants and loans from the Indiana Twenty-First Century Research and Technology Fund, alongside biomedical research, biotechnology, information technology, alternative fuel technologies, and fuel-efficient vehicle development.

• Creates a personal property tax exemption for nanotechnology equipment that is either directly related to nanotechnology research or primarily used in a nanotechnology-based project, program, or business.

• Requires owners claiming the nanotechnology equipment exemption to apply annually on their personal property return with a description of the property and its assessed value.

• Authorizes township or county assessors to review and approve or deny exemption claims based on whether equipment meets the stated requirements, and to reduce assessed values accordingly.

• Effective date: July 1, 2014.