Indiana Code 6-3.1-11-14. “Vacant”
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Terms Used In Indiana Code 6-3.1-11-14
- placed in service: means that property is placed in a condition or state of readiness and availability for a specifically assigned function. See Indiana Code 6-3.1-11-8
- plant: means a building or complex of buildings used, or designed and constructed for use, in production, manufacturing, fabrication, assembly, processing, refining, finishing, or warehousing of tangible personal property, whether the tangible personal property is or was for sale to third parties or for use by the owner in the owner's business. See Indiana Code 6-3.1-11-9
Sec. 14. As used in this chapter, “vacant” means with respect to a plant that at least seventy-five percent (75%) of the plant placed in service is not used to carry on production, manufacturing, assembly, processing, refining, finishing, or warehousing of tangible personal property.
As added by P.L.379-1987(ss), SEC.11.