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IN HB1635
Bill
Status
1/24/2017
Primary Sponsor
Vernon Smith
Click for details
AI Summary
HB 1635 Summary
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Allows owners of business personal property valued at $20,000 or less to choose between claiming a tax exemption or filing a completed personal property tax return, rather than requiring both.
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Applies to personal property that is used in a trade or business, acquired in an arms-length transaction, and either previously used or never previously used in Indiana.
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Excludes mobile homes, investment property, and certain utility-owned property from the exemption, though includes telephone companies and communications service providers meeting the requirements.
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Permits county fiscal bodies to adopt local service fees not exceeding $50 on persons claiming the exemption, with revenue allocated like property taxes to each taxing unit.
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Effective January 1, 2017 (retroactively) with applicability limited to personal property tax returns filed after December 31, 2016 for assessment dates on or after January 1, 2017.
Legislative Description
Business personal property taxes. Provides that the owner of personal property that qualifies for the $20,000 and under personal property tax exemption may choose between claiming the exemption or filing a completed personal property tax return.
Last Action
First reading: referred to Committee on Ways and Means
1/24/2017