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IN HB1167
Bill
Status
1/12/2015
Primary Sponsor
William Fine
Click for details
AI Summary
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A county income tax council may adopt an exemption ordinance exempting new personal property from taxation either throughout the entire county or within a designated geographic territory within the county.
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The county income tax council must conduct a public hearing and publish notice in accordance with IC 5-3-1 before adopting an exemption ordinance.
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The county income tax council must provide a certified copy of any adopted exemption ordinance to the department of local government finance and the county auditor.
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If an exemption ordinance applies countywide, taxpayers are not required to file an application or personal property tax return to qualify for the exemption.
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If an exemption ordinance applies only to a designated geographic territory, taxpayers must file an application and personal property tax return as prescribed by the department and claim the exemption as directed by the department.
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Effective date: July 1, 2015.
Legislative Description
Targeted business personal property tax exemption. Provides that a county income tax council may designate a geographic territory within a county in which the 100% exemption for new business personal property tax applies. Requires the taxpayer to apply for the exemption as prescribed by the department.
Last Action
First Reading: referred to Committee on Ways and Means
1/12/2015