Application for deduction; review; change of ownership
Sec. 11. (a) A person that desires to obtain the deduction provided
by section 10 of this chapter must file a certified deduction
application, on forms prescribed by the department of local
government finance, with:
(1) the auditor of the county in which the new manufacturing
equipment and inventory is located; and
(2) the department of local government finance.
A person that timely files a personal property return under
IC 6-1.1-3-7(a) for the year in which the new manufacturing
equipment is installed or the inventory is subject to assessment must
file the application between March 1 and May 15 of that year.
(b) The application required by this section must contain the
following information:
(1) The name of the owner of the new manufacturing equipment
and inventory.
(2) A description of the new manufacturing equipment and
inventory.
(3) Proof of the date the new manufacturing equipment was
installed.
(4) The amount of the deduction claimed for the first year of the
deduction.
(c) A deduction application must be filed under this section in the
year in which the new manufacturing equipment is installed or the
inventory is subject to assessment and in each of the immediately
succeeding nine (9) years.
(d) The department of local government finance shall review and
verify the correctness of each application and shall notify the county
auditor of the county in which the property is located that the
application is approved or denied or that the amount of the deduction
is altered. Upon notification of approval of the application or of
alteration of the amount of the deduction, the county auditor shall
make the deduction.
(e) If the ownership of new manufacturing equipment changes, the
deduction provided under section 10 of this chapter continues to
apply to that equipment if the new owner:
(1) continues to use the equipment in compliance with any
standards established under section 7(c) of this chapter; and
(2) files the applications required by this section.
(f) The amount of the deduction is:
(1) the percentage under section 10 of this chapter that would
have applied if the ownership of the property had not changed;
multiplied by
(2) the assessed value of the equipment for the year the
deduction is claimed by the new owner.
As added by P.L.62-1988, SEC.1. Amended by P.L.1-1993, SEC.37;
P.L.198-2001, SEC.94.
Last modified: May 28, 2006