Commodity stored in warehouse; exemption
Sec. 40. (a) The following definitions apply throughout this
section:
(1) "Commodity Exchange Act" means the act of the United
States Congress known as the Commodity Exchange Act (7
U.S.C. 1 et seq.) as in effect on January 1, 1991.
(2) "Commodity" means:
(A) a commodity (as defined in Section 2 of the Commodity
Exchange Act (7 U.S.C. 2)); or
(B) a metal.
(3) "Contract market" means:
(A) a board of trade (as defined in Section 2 of the
Commodity Exchange Act (7 U.S.C. 2)) that:
(i) is designated by the federal Commodity Futures
Trading Commission as a contract market under Section 5
of the Commodity Exchange Act (7 U.S.C. 7); and
(ii) is subject to regulation under the Commodity
Exchange Act; or
(B) a metal exchange conforming to the United Kingdom
Financial Services Act.
The term includes, without limitation, the Board of Trade of the
City of Chicago and the London Metal Exchange of London,
England.
(4) "Metal" means a nonferrous metal that conforms to the
specifications covering quality, shape, and weight set forth by
the special contract rules for metals of the London Metal
Exchange.
(5) "Regular warehouse" and "regular shipping plant" mean a
warehouse, shipping plant, depository, or other facility in
Indiana that has been designated or approved by a contract
market as a regular delivery point for a commodity on contracts
of sale for future delivery.
(6) "Warehouseman" means the owner, lessee, operator,
proprietor, or manager of a regular warehouse or regular
shipping plant.
(b) A commodity that is located or stored in a regular warehouse
or regular shipping plant is exempt from taxation under this article
if on the assessment date the commodity is subject to a warehouse
receipt or shipping certificate that has been issued, registered, and
delivered by a warehouseman or is held on warrant according to the
rules and regulations of a contract market.
(c) A warehouseman may claim the exemption provided by this
section for a commodity located or stored at the warehouseman's
regular warehouse or regular shipping plant by reporting on the
warehouseman's personal property tax return the true tax value of the
commodity for which the exemption is claimed. A warehouseman
shall claim the exemption on the personal property tax return in the
manner prescribed by the department of local government finance.
(d) Notwithstanding any other law, a warehouseman is not
required to file an exemption application in order to claim the
exemption provided by this section.
As added by P.L.54-1991, SEC.2. Amended by P.L.64-1993, SEC.1;
P.L.90-2002, SEC.103.
Last modified: May 28, 2006