Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 10 - ECONOMIC REVITALIZATION AREA DEDUCTION; MARITIME OPPORTUNITY DISTRICT DEDUCTION
Rule 2 - Designation Procedures
Section 2-5 - Waiver of statement of benefits

Universal Citation: 50 IN Admin Code 2-5
Current through September 18, 2024

Authority: IC 6-1.1-12.1-13; IC 6-1.1-31-1

Affected: IC 6-1.1-12.1

Sec. 5.

In lieu of providing the statement of benefits and in lieu of providing information showing compliance with the statement of benefits, the designating body may adopt a resolution waiving the statement of benefits. To waive the statement of benefits, the designating body must find that the purposes of the economic revitalization area deduction will be served by allowing the deduction and that the property owner has, during the thirty-six (36) months preceding the first assessment date to which the waiver would apply, occupied an eligible vacant building, installed new eligible equipment or developed or rehabilitated property at a cost of at least ten million dollars ($10,000,000) as determined by the department.

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