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Senate Bill 0520


Senate Bill 0520

ARCHIVE (2003)

Latest Information

 

DIGEST OF SB520 (Updated April 14, 2003 11:47 AM - DI 84)


Property tax exemption for aircraft. Establishes a property tax deduction for 100% of the assessed value of aircraft: (1) owned or operated by certain air carriers or scheduled air taxi operators that have an Indiana corporate headquarters; or (2) operated to provide intrastate air service in Indiana. Provides that aircraft owned or operated by an entity with an Indiana headquarters is subject to the aircraft excise tax. Permits use of a local airport authority cumulative building fund, subject to a cumulative maximum of $1,000,000, to facilitate and support commercial intrastate air transportation. Imposes a one-time payment in lieu of taxes on a taxpayer claiming the deduction for aircraft owned or operated by certain air carriers or scheduled air taxi operators that have an Indiana corporate headquarters located in a county containing a school city. Adjusts the maximum capital projects fund rate for a school city affected by the deduction.
    Current Status:
     In Conference Committee
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