Indiana Code 6-1.1-42-23. Limitation of property eligible for deductions
(1) Limit the type of property that is eligible for a deduction within a brownfield revitalization zone to personal property or real property.
Terms Used In Indiana Code 6-1.1-42-23
- brownfield: has the meaning set forth in Indiana Code 6-1.1-42-1
- designating body: means the following:
Indiana Code 6-1.1-42-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Personal property: All property that is not real property.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- zone: means a brownfield revitalization zone established under this chapter. See Indiana Code 6-1.1-42-4
(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.