Indiana Code 6-1.1-3-22.5. Personal property tax; depreciable property; year of acquisition
(1) The applicable fiscal year beginning January 2 and ending January 1, for depreciable tangible personal property acquired after January 1, 2016.
Terms Used In Indiana Code 6-1.1-3-22.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) The applicable fiscal year beginning March 2 and ending March 1, for depreciable tangible personal property acquired before March 2, 2015.
(b) If a taxpayer has a financial year that ends on December 31 or January 31, the taxpayer may elect to use the same year as that used for federal income tax purposes to determine the year of acquisition of depreciable tangible personal property for Indiana property tax reporting purposes. Otherwise, a taxpayer is not eligible to elect to use a federal tax year to compute the year of acquisition for Indiana property tax reporting purposes and must use the applicable fiscal year specified in subsection (a).
(c) If a taxpayer makes a federal tax year election under subsection (b), an acquisition of depreciable tangible personal property after the close of the taxpayer’s federal taxable year and on or before the immediately following assessment date must be included in a separate category on the taxpayer’s return and clearly designated.
As added by P.L.245-2015, SEC.2.