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House Bill 1007

House Bill 1007

ARCHIVE (2011)

Latest Information

DIGEST OF HB 1007 (Updated April 29, 2011 10:06 pm - DI 92)

State and local administration. Extends the period of time in which a county, city, or town may provide a tax exemption for enterprise information technology equipment until January 1, 2017. (Current law permits the exemptions until January 1, 2013.) Provides that the property tax exemption for fraternity or sorority property applies to property used for administrative purposes, including property owned by a national or international headquarters, fraternity or sorority foundations, and housing corporations. Specifies that the exemption applies only if the property is owned by a fraternity or sorority (or a national or international headquarters, foundation, or housing corporation related to a fraternity or sorority) that is exempt from federal income taxation under Section 501(c)(2), Section 501(c)(3), or Section 501(c)(7) of the Internal Revenue Code. Deletes from current law the requirement that property may qualify for the exemption only if the property is used exclusively by the fraternity or sorority to carry out its purposes. Provides a property tax exemption for certain property leased to the bureau of motor vehicles or bureau of motor vehicles commission for the 2010 through 2016 assessment dates. Provides that an exemption application does not have to be filed annually to continue the exemption through the 2016 assessment date. Permits a city, town, or county to enhance property tax abatement schedules to allow up to three years of 100% abatement if the business meets one of the following criteria: (1) locates in a large vacant building; (2) agrees to invest at least $10 million in the community; (3) rehabilitates and occupies property in designated downtown areas; or (4) locates in a county with high unemployment. Authorizes local entities to develop alternative methods for determining the duration and amount of property tax abatements. Authorizes cities and counties to pay hiring incentives for new employment in their jurisdictions. Requires hiring incentives to be paid from local option income taxes received by the city or county. Provides that the hiring incentives may not exceed the local option income taxes paid by the new employees. Removes the requirement that any annual operating savings realized by Purdue University and Indiana University with respect to qualified energy savings projects in excess of the annual debt service requirements on bonds issued for the projects be used to fund basic research for the Indiana Innovation Alliance. Provides that a PSAP operated by an excluded city in Marion County does not count against the limit on the number of PSAPs in the county. Provides for the retroactive application of a property tax exemption to a taxpayer that owns real and personal property used as part of or in connection with a men's cooperative house. Provides for a two year property tax exemption for the property of the Marion County Medical Society (which provides services to its members as the Indianapolis Medical Society) and similarly situated medical societies. Provides a property tax exemption for 2010 and 2011 for property owned by a nonprofit corporation and used as a center for the arts and for which an exemption was granted before 2010. Provides a property tax exemption for property taxes due in 2009, 2010, and 2011 for an organization in Marion County that is dedicated to providing services to the community and that failed to timely file an application for those years, if the organization was entitled to an exemption in 2007 for the same property.
Current Status:
Law Enacted
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