Sec. 17. (a) The acquisition, ownership, and disposition of any direct interest in any securitization bond shall not be taken into account in determining whether a person is subject to any income tax, franchise tax, business activities tax, intangible property tax, excise tax, stamp tax, or any other tax imposed by the state or by any political subdivision of the state.

     (b) Any successor to an electric utility, whether that person becomes a successor as a result of any:

Terms Used In Indiana Code 8-1-40.5-17

  • assignee: means any individual, corporation, or other legally recognized entity to which an interest in securitization property is transferred. See Indiana Code 8-1-40.5-1
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • electric utility: means a public utility (as defined in IC 8-1-2-1(a)) that meets the following criteria:

    Indiana Code 8-1-40.5-3

  • financing party: means a holder of securitization bonds. See Indiana Code 8-1-40.5-5
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • securitization property: means the rights and interests of an electric utility, or its successor, under a financing order, as described in section 11 of this chapter. See Indiana Code 8-1-40.5-9
(1) bankruptcy, reorganization, or other insolvency proceeding; or

(2) merger, acquisition, sale, or transfer;

shall, by operation of law, perform and satisfy all obligations of the electric utility under this chapter in the same manner and to the same extent as the electric utility would have been obligated to perform and satisfy before the event described in subdivision (1) or (2), including collecting and paying revenues arising with respect to the securitization property to persons entitled to those revenues.

     (c) An assignee or financing party is not considered to be an electric utility solely by virtue of any transactions described in this chapter.

As added by P.L.80-2021, SEC.1.

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