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Senate Bill 0171


Senate Bill 0171

ARCHIVE (2005)

Latest Information

 

DIGEST OF SB171 (Updated April 5, 2005 2:44 pm - DI 84)


Delinquent personal property taxes and tax incentives. Expands the time during the year when the county treasurer may enforce delinquent personal property taxes. Requires a creditor that acquires and transfers personal property on which the creditor holds a lien and on which personal property taxes have been adjudicated delinquent to pay all or part of the delinquency from the proceeds of the transfer according to a formula that apportions the proceeds between the lien amount and the delinquency amount. Allows a creditor to deduct from the proceeds of the transfer any direct costs of the transfer before applying the formula. Allows tangible property owned by a church or religious society that is currently exempt from property taxes to remain exempt without further application. Amends the definition of investment for purposes of the community revitalization enhancement district tax credit. Establishes the enterprise zone investment deduction, which allows a taxpayer who makes a qualified investment to obtain a deduction against the assessed value of a taxpayer's enterprise zone property located in an enterprise zone. Establishes the enterprise zone personal property deduction, that provides a deduction against the assessed value of the taxpayer's personal property located in an enterprise zone to a maximum of $250,000. Allows a taxpayer to assign the enterprise zone investment cost credit. Provides that trusts, estates, corporations, and pass through entities that make qualified investments in enterprise zone businesses may claim the enterprise zone investment cost credit. (Current law allows only individuals to claim the credit, except in Vigo County where pass through entities are also eligible.)
    Current Status:
     In Conference Committee
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