(b) The definitions in IC 6-1.1-12.1 (as in effect before May 10, 1995) apply throughout this section.

     (c) Notwithstanding any other law, a designating body’s actions taken after July 1, 1991, and before December 31, 1992, in:

(1) designating an economic revitalization area; or

(2) approving a statement of benefits;

after the initiation of the installation of new manufacturing equipment for which a person desires to claim a deduction under IC 6-1.1-12.1 (as in effect before May 10, 1995) are legalized and validated.

     (d) Notwithstanding any other law, a review shall be made of timely filed deduction applications for actions legalized and validated under this section for the purpose of granting deductions under IC 6-1.1-12.1 (as in effect before May 10, 1995) for assessment years after 1991.

As added by P.L.220-2011, SEC.122. Amended by P.L.119-2012, SEC.28.