Limitation of property eligible for deductions
Sec. 23. With respect to property in a particular brownfield
revitalization zone, the designating body may do the following:
(1) Limit the type of property that is eligible for a deduction
within a brownfield revitalization zone to personal property or
real property.
(2) Limit the dollar amount of the individual or aggregate
deductions that will be allowed with respect to personal
property.
(3) Limit the dollar amount of the deduction that will be
allowed with respect to real property.
(4) Impose reasonable conditions for allowing a deduction for
tangible property under this chapter. The conditions must have
a reasonable relationship to the development objectives of the
area in which the designating body has jurisdiction.
To exercise one (1) or more of these powers a designating body must
include this fact in the resolution creating the brownfield
revitalization zone that is finally passed under section 13 of this
chapter.
As added by P.L.59-1997, SEC.1. Amended by P.L.119-1999, SEC.6.
Last modified: May 28, 2006