Indefinite-situs distributable property of railroad car companies;
distributable property of certain railroads; computation of tax;
disposition of tax proceeds
Sec. 35. (a) Each year the department of local government finance
shall tax:
(1) the indefinite-situs distributable property of railroad car
companies; and
(2) the distributable property of a railroad company that
provides service within a commuter transportation district
established under IC 8-5-15 and utilizes electricity to power
substantially all of its railroad passenger cars.
The department of local government finance shall compute the tax on
a railroad car company's indefinite-situs distributable property based
upon the average property tax rate in this state. The average property
tax rate in this state for a year equals (A) the total of the property
taxes in this state that will come due during that year divided by (B)
the total net assessed valuation of property in this state for the
preceding year's assessment. The department of local government
finance shall base its computation of the average property tax rate for
a year upon information which is available to the department as of
December 31 of the preceding year. The department of local
government finance shall compute the tax on a railroad company's
distributable property based upon the average property tax rate that
is imposed by taxing districts that are located in any county in which
a railroad company, that is taxed under this section, provides railroad
services. The average property tax rate of taxing districts that are
located in any county in which a railroad company that is taxed
under this section equals (i) the total of the property taxes in those
taxing districts that will come due during that year divided by (ii) the
total net assessed valuation of property in those districts for the
preceding year's assessment. The department of local government
finance shall base its computation on the average property tax rate
for a year upon information which is available to the board as of
December 31 of the preceding year.
(b) The department of local government finance shall certify the
tax it imposes on indefinite-situs distributable property of railroad
car companies and a railroad company's distributable property taxed
under this section to the department of state revenue. Each of those
companies shall pay the tax to the department of state revenue on or
before December 31of the year the assessment is made. If one (1) of
those companies does not pay the tax when it is due, the company
shall pay a penalty, in addition to the tax, equal to twenty-five
percent (25%) of the delinquent tax. When the tax imposed on
indefinite-situs distributable property of railroad car companies by
this chapter becomes delinquent, the department of state revenue
shall proceed with the collection of the delinquent tax and penalty in
accordance with the provisions of IC 6-8.1-8.
(c) The department of state revenue shall promptly deposit all
amounts collected under this section that are derived from
indefinite-situs distributable property of railroad car companies in
the state treasury for credit to the commuter rail service fund
established by IC 8-3-1.5-20.5 to be used exclusively for debt
financing of the commuter transportation district's long term capital
needs.
(d) The department of state revenue shall promptly deposit all
amounts collected under this section from a railroad company in the
state treasury for credit to the electric rail service fund established by
IC 8-3-1.5-20.6.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by Acts 1979,
P.L.50, SEC.1; Acts 1981, P.L.66, SEC.9; Acts 1981, P.L.67, SEC.3;
Acts 1982, P.L.43, SEC.4; P.L.73-1983, SEC.6; P.L.59-1985, SEC.8;
P.L.253-1999, SEC.1; P.L.291-2001, SEC.232; P.L.90-2002,
SEC.81.
Last modified: May 28, 2006