Indiana Code 6-1.1-10.3-7. Repeal or amendment of exemption ordinance
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Terms Used In Indiana Code 6-1.1-10.3-7
- exemption ordinance: refers to an ordinance adopted under section 5 of this chapter by a local income tax council. See Indiana Code 6-1.1-10.3-3
- local income tax council: refers to the local income tax council established by Indiana Code 6-1.1-10.3-2
- new personal property: means business personal property that:
Indiana Code 6-1.1-10.3-4
- 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
Sec. 7. A local income tax council may repeal or amend an exemption ordinance. However, if a local income tax council repeals or amends an exemption ordinance, any new personal property that was exempt under the exemption ordinance on the date the new personal property was placed into service by a taxpayer remains exempt from property taxation, regardless of whether or not the ownership of the new personal property changes after the date the exemption ordinance is amended or repealed.
As added by P.L.80-2014, SEC.2. Amended by P.L.197-2016, SEC.11.