Disqualification to claim credit due to substantial reduction or
cessation of operations in Indiana; exception; limitations
Sec. 13. (a) Except as provided in subsection (b), a person is not
entitled to claim the credit provided by this chapter to the extent that
the person substantially reduces or ceases its operations in Indiana in
order to relocate them within the industrial recovery site. A
determination that a person is not entitled to the credit provided by
this chapter as a result of a substantial reduction or cessation of
operations applies to credits that would otherwise reduce a person's
property tax liability attributable to the assessment date in the year
in which the substantial reduction or cessation occurs and to credits
in all subsequent years. Notwithstanding section 11 of this chapter,
determinations under this section shall be made by the board in
accordance with IC 5-28-15-15.
(b) This section does not apply if the operations that are
substantially reduced or ceased are in the same municipality as the
industrial recovery site and the consent, by ordinance or resolution,
of the legislative body of the municipality is secured. However, in
that case the industrial recovery site inventory value on each of the
assessment dates following the substantial reduction or cessation of
operations shall be reduced by an amount equal to:
(1) in the case of a cessation of operations at a location within
the municipality, the assessed value of the inventory at the
location on the assessment date before the cessation; or
(2) in the case of a substantial reduction of operations at a
location within the municipality, the assessed value of the
inventory at the location on the assessment date before the date
that the substantial reduction began, minus:
(A) the assessed value of the inventory at the location on the
current assessment date if the substantial reduction has not
been completed as of that date; or
(B) the assessed value of the inventory at the location on the
assessment date immediately preceding the date that the
substantial reduction was completed.
The amount of the industrial recovery site inventory value as
computed under this subsection may not be less than zero (0).
As added by P.L.379-1987(ss), SEC.7. Amended by P.L.4-2005,
SEC.38.
Last modified: May 28, 2006