2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 3. Procedures for Personal Property Assessment
6-1.1-3-7.2. Exemption for certain business personal property with acquisition cost less than $20,000

     Sec. 7.2. (a) This section applies to assessment dates occurring after December 31, 2015.

     (b) As used in this section, "affiliate" means an entity that effectively controls or is controlled by a taxpayer or is associated with a taxpayer under common ownership or control, whether by shareholdings or other means.

     (c) As used in this section, "business personal property" means personal property that:

(1) is otherwise subject to assessment and taxation under this article;

(2) is used in a trade or business or otherwise held, used, or consumed in connection with the production of income; and

(3) was:

(A) acquired by the taxpayer in an arms length transaction from an entity that is not an affiliate of the taxpayer, if the personal property has been previously used in Indiana before being placed in service in the county; or

(B) acquired in any manner, if the personal property has never been previously used in Indiana before being placed in service in the county.

The term does not include mobile homes assessed under IC 6-1.1-7, personal property held as an investment, or personal property that is assessed under IC 6-1.1-8 and is owned by a public utility subject to regulation by the Indiana utility regulatory commission. However, the term does include the personal property of a telephone company or a communications service provider if that personal property meets the requirements of subdivisions (1) through (3), regardless of whether that personal property is assessed under IC 6-1.1-8 and regardless of whether the telephone company or communications service provider is subject to regulation by the Indiana utility regulatory commission.

     (d) Notwithstanding section 7 of this chapter, if the acquisition cost of a taxpayer's total business personal property in a county is less than twenty thousand dollars ($20,000) for that assessment date, the taxpayer's business personal property in the county for that assessment date is exempt from taxation.

     (e) Except as provided in subsection (f), a taxpayer that is eligible for the exemption under this section for an assessment date shall indicate on the taxpayer's personal property tax return that the taxpayer's business personal property in the county is exempt from property taxation for the assessment date.

     (f) For purposes of the January 1, 2016, assessment date, a taxpayer that is eligible for the exemption under this section may file with the county assessor before May 17, 2016, a certification of the taxpayer's eligibility for the exemption under this section instead of indicating the taxpayer's eligibility for the exemption on the taxpayer's personal property tax return.

As added by P.L.80-2014, SEC.1. Amended by P.L.249-2015, SEC.3; P.L.199-2016, SEC.1.