Required procedure to claim credit
Sec. 12. (a) The credit provided by this chapter is not available to
a person unless approved under the procedure specified in this
section.
(b) The executive of a municipality or a county may submit
applications requesting that the credit provided by this chapter be
made available to persons owning inventory on a specified industrial
recovery site. The application must be submitted to the following:
(1) In the case of an industrial recovery site located within a
consolidated city, to the metropolitan development commission.
(2) In the case of an industrial recovery site located within a
municipality that is not a consolidated city, to the legislative
body of the municipality.
(3) In the case of an industrial recovery site located within a
county but not within a municipality, to the legislative body of
the county.
(c) The metropolitan development commission or the applicable
legislative body shall either grant or deny the application. An
application under this section may be considered and acted upon
before the time that a particular location is approved by the board as
an industrial recovery site. However, the credit provided by this
chapter is not available until the time that the board approves the
location as an industrial recovery site under IC 6-3.1-11 and enters
a determination that, based on the factors listed in IC 6-3.1-11-19, the
credit provided by this chapter is available to persons owning
inventory on the industrial recovery site.
(d) The credit provided by this chapter is available against the
property tax liability arising with respect to the first assessment date
following the effective date of the board's approval of the industrial
recovery site designation under IC 6-3.1-11 and with respect to the
nine (9) succeeding assessment dates.
As added by P.L.379-1987(ss), SEC.7.
Last modified: May 28, 2006