Sec. 42. (a) A corporation that is:

(1) nonprofit; and

Terms Used In Indiana Code 6-1.1-10-42

  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) participates in the small business incubator program under IC 5-28-21;

is exempt from property taxation to the extent of tangible property used for small business incubation.

     (b) A corporation that wishes to obtain an exemption from property taxation under this section must file an exemption application under IC 6-1.1-11.

As added by P.L.178-2002, SEC.14. Amended by P.L.4-2005, SEC.35.