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IN SB0308
Bill
Status
1/9/2017
Primary Sponsor
Brandt Hershman
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AI Summary
Senate Bill 308 Summary
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Defines "motorized heavy equipment vehicle" as a self-propelled motorized vehicle weighing at least 1,500 pounds that is not permanently affixed to real property and not subject to highway registration.
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Requires motorized heavy equipment vehicles that are leased or held for lease to be assessed at the owner's business location where the equipment is leased, as recorded in the owner's books and records on the assessment date, regardless of where the equipment is physically situated.
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Exempts equipment owned by nonresidents without a principal office in Indiana and equipment under capital leases from the new assessment location requirement.
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Beginning January 1, 2018, owners are not required to file personal property tax returns for leased motorized heavy equipment in townships or counties other than where the equipment is assessed under this law.
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Provisions are effective July 1, 2017 and January 1, 2018, with the amendments to Section 7 applying only to assessment dates after December 31, 2017.
Legislative Description
Assessment of heavy equipment offered for rent. Provides that motorized heavy equipment vehicles that are leased, or held for lease, by the owner and are otherwise subject to the personal property tax shall be assessed for property tax purposes at the place of the owner's business location at which the motorized heavy equipment vehicle was leased, or is held for lease, as recorded on the owner's books and records on the assessment date. Provides that the owner is not required to file a personal property tax return for a motorized heavy equipment vehicle in a township or county other than
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/9/2017