Indiana Code 20-47-3-15. Exemption of lessor corporation property from taxes
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Terms Used In Indiana Code 20-47-3-15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Sec. 15. School buildings leased by a lessor corporation entering into a lease with a school corporation or corporations under this chapter are exempt from all state, county, and other taxes. However, the rental payments to a lessor corporation under the terms of such a lease are subject to all applicable taxes under Indiana law.
[Pre-2006 Recodification Citation: 21-5-12-10.]
As added by P.L.2-2006, SEC.170.