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House Bill 1591


House Bill 1591

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1591 (Updated April 3, 2001 2:07 PM - DI 84)


Tax abatement. Specifies that the provision limiting a property tax abatement for new manufacturing equipment to the extent that it would cause the assessed value of all personal property of the owner in the taxing district in which the equipment is located to be less than the assessed value of all personal property of the owner in that taxing district in the immediately preceding year does not apply to new manufacturing equipment located in Gibson County if the total cost of all new manufacturing equipment placed into service in the county by the owner exceeds $500,000,000 and the economic revitalization area in which the new manufacturing equipment was installed was approved by the designating body before January 1, 2001. Provides that in the case of a taxpayer specified in the bill, an abatement deduction is not allowed with respect to new manufacturing equipment to the extent the deduction would cause the assessed value of all real and personal property of the owner in the taxing district to be less than the "incremental net assessed value" for that year. Specifies that if in a particular year the taxpayer's abatement deduction is limited by this provision, the deduction shall be carried over and allowed as a deduction in succeeding years. Specifies that the abatement deduction may only be carried over during the period of the abatement deduction specified by statute or the period that was originally specified in the resolution adopted by the designating body.
Current Status:
 Law Enacted
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