HB 1556 Summary

• Eliminates the 30% minimum personal property tax depreciation floor for depreciable personal property located within enterprise zones for assessment dates beginning after December 31, 2017.

• Expands the definition of "qualified investment" for enterprise zone investment deductions to include new information technology equipment (effective for property taxes first due in 2018 and thereafter).

• Adds new research and development equipment as a qualified investment, including laboratory equipment, computers, and testing equipment (effective for property taxes first due in 2018 and thereafter).

• Adds new logistical distribution equipment as a qualified investment, including racking, scanning, conveyors, forklifts, and sorting equipment (effective for property taxes first due in 2018 and thereafter).

• All newly-eligible equipment must be purchased in arms-length transactions from non-affiliated entities and never previously used in Indiana by the taxpayer.

• Effective date: July 1, 2017.