Commercial passenger aircraft; resolution required; tenancy and
use requirement; term of exemption
Sec. 15.5. (a) As used in this section, "airport development zone"
means an airport development zone designated under IC 8-22-3.5-5.
(b) As used in this section, "allocated tax proceeds" refers to
property taxes allocated under IC 8-22-3.5-9.
(c) As used in this section, "commission" has the meaning set
forth in IC 8-22-3.5-2.
(d) As used in this section, "qualified airport development
project" has the meaning set forth in IC 8-22-3.5-3.
(e) Before a person maintaining commercial passenger aircraft
that is not subject to the aircraft excise tax under IC 6-6-6.5 may
claim an exemption from property taxation for the commercial
passenger aircraft, the commission must adopt a resolution
authorizing the exemption for the commercial passenger aircraft.
(f) After the commission adopts a resolution described in
subsection (e), a person maintaining a commercial passenger aircraft
that is not subject to the aircraft excise tax under IC 6-6-6.5 may
claim an exemption from property taxation for the commercial
passenger aircraft if the following conditions exist when the
commission adopts the resolution:
(1) The person is:
(A) a tenant or subtenant of any portion of the qualified
airport development project; and
(B) a current user of all or any portion of the qualified
airport development project.
(2) For purposes of maintenance, the aircraft will be located in
the airport development zone.
(3) If bonds have been issued, either:
(A) the pledge of allocated tax proceeds to the payment of
any bonds issued under IC 8-22-3-18.1 to finance any
portion of the costs of the qualified airport development
project has been discharged; or
(B) any bonds to which allocated tax proceeds were pledged
have been paid in full in accordance with the documents
under which the bonds were issued.
If this subdivision applies, the person may not claim the
exemption for a period longer than the original term of the
bonds.
As added by P.L.224-2003, SEC.266.
Last modified: May 28, 2006