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IN HB1101
Bill
Status
1/4/2018
Primary Sponsor
Dave Heine
Click for details
AI Summary
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Exempts tangible personal property acquired after June 30, 2018, from minimum valuation rules under 50 IAC 4.2-4-9 and 50 IAC 5.1-6-9.
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Prohibits newly acquired tangible personal property from being considered in calculations of minimum valuations for a taxpayer's other tangible personal property.
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Requires the department of local government finance to adopt rules amending 50 IAC 4.2 and 50 IAC 5.1 to conform to the new exemption requirements.
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Excludes tangible personal property acquired after June 30, 2018, from consideration when calculating valuation limitation adjustments under IC 6-1.1-12.1-4.5 and IC 6-1.1-40-10.
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Effective July 1, 2018.
Legislative Description
Minimum valuation of personal property. Provides that the minimum valuation rules for the assessment of tangible personal property do not apply to tangible personal property that a taxpayer acquires after June 30, 2018.
Last Action
First reading: referred to Committee on Ways and Means
1/4/2018