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Current 2020 Session

House Bill 1140


House Bill 1140

ARCHIVE (2006)

Latest Information

DIGEST OF HB1140 (Updated February 1, 2006 7:06 pm - DI 84)


Abatements for used Indiana equipment. Provides that certain equipment installed in an economic revitalization area or a maritime opportunity district after being used in Indiana by a person other than the tax abatement applicant is eligible for tax abatement. Specifies when a lot or tract held for sale in the ordinary course of trade or business may be reassessed for property tax purposes. Allows a county council to authorize installment payments of property taxes (without approval of the county treasurer or county auditor). Reduces the penalty for a late installment of property taxes from 10% to 5%, if (1) the late installment is completely paid on or before the date 30 days after the installment due date; and (2) the taxpayer is not also liable for delinquent property taxes first due and payable in a previous year for the same parcel. Provides that a company that meets certain criteria may file refund claims for property tax deductions for new manufacturing equipment placed in service in an economic revitalization area in 2001. Provides a property tax exemption with respect to property taxes first due and payable in 2001, 2002, 2003, and 2004 for college fraternity that did not timely comply with filing requirements. Permits a nonprofit corporation that operates a youth soccer program to claim a refund for property taxes first due and payable in 2003 and 2004. Provides that the department of local government finance may not establish by rule a minimum valuation method for agricultural personal property more than thirteen years old, and directs the department to adopt rules to value such property at the property's fair market value.
Current Status:
In Committee - 2nd House
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