IN HB1132

Defines "nanotechnology" as sciences and technologies that enable understanding, measuring, manipulating, and manufacturing at atomic, molecular, and supramolecular levels, aimed at creating materials, devices, and systems with fundamentally new molecular organization, properties, and functions.

Adds nanotechnology to the list of eligible investment areas for the twenty-first century research and technology fund, allowing grants or loans to support economic development proposals in nanotechnology alongside biomedical research, information technology, alternative fuel technologies, and other high-tech industry clusters.

Exempts nanotechnology equipment from personal property taxation if the equipment is directly related to nanotechnology research or primarily used in a project, program, or business based on nanotechnology.

Requires owners of nanotechnology equipment to claim the exemption annually on their personal property return by describing the property and stating its assessed value.

Authorizes township or county assessors to review and allow or deny exemption claims based on the statutory requirements, and requires assessors to reduce the assessed value by the amount of any exemption allowed.

Effective date: July 1, 2016.