Approval of deduction
Sec. 22. (a) The designating body shall determine whether to
approve a deduction.
(b) A designating body may not grant a deduction for a facility
described in IC 6-1.1-12.1-3(e).
(c) A property owner may not receive a deduction under this
chapter for repairs or improvements to real property if the owner
receives a deduction under either IC 6-1.1-12.1, IC 6-1.1-12-18,
IC 6-1.1-12-22, or IC 6-1.1-12-28.5 for the same property.
(d) A designating body may approve a deduction only if the
following findings are made in the affirmative:
(1) The applicant:
(A) has never had an ownership interest in an entity that
contributed; and
(B) has not contributed;
a contaminant (as defined in IC 13-11-2-42) that is the subject
of the voluntary remediation, as determined under the written
standards adopted by the department of environmental
management.
(2) The proposed improvement or property will be located in a
zone.
(3) The estimate of the value of the remediation and
redevelopment is reasonable for projects of that nature.
(4) The estimate of the number of individuals who will be
employed or whose employment will be retained can be
reasonably expected to result from the proposed described
remediation and redevelopment.
(5) The estimate of the annual salaries of those individuals who
will be employed or whose employment will be retained can be
reasonably expected to result from the proposed described
remediation and redevelopment.
(6) Any other benefits about which information was requested
are benefits that can be reasonably expected to result from the
proposed described remediation and redevelopment.
(7) The totality of benefits is sufficient to justify the deduction.
As added by P.L.59-1997, SEC.1. Amended by P.L.119-1999, SEC.5.
Last modified: May 28, 2006