Railroad car companies
Sec. 12. (a) The fixed property of a railroad car company consists
of real property and tangible personal property which has a definite
situs. The remainder of the railroad car company's property is
indefinite-situs distributable property.
(b) The department of local government finance shall assess a
railroad car company's indefinite-situs distributable property on the
basis of the average number of cars owned or used by the company
within this state during the twelve (12) months of the calendar year
preceding the year of assessment. The average number of cars within
this state equals the product of:
(1) the sum of "M" plus "E"; multiplied by
(2) a fraction, the numerator of which is "N", and the
denominator of which is the number two (2).
"M" equals the mileage traveled by the railroad car company's cars
in this state divided by the mileage traveled by the company's cars
both within and outside this state. "E" equals the earnings generated
by the company's cars in this state divided by the earnings generated
by the company's cars both within and outside this state. "N" equals
the total number of cars owned or used by the company both within
and outside this state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by Acts 1977,
P.L.2, SEC.13; P.L.78-1987, SEC.1; P.L.90-2002, SEC.63.
Last modified: May 28, 2006