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 2-6 - Deductions in existing economic revitalization area
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. 6.
(a) When an economic revitalization area has previously been designated and such designation has not expired, a taxpayer must submit a statement of benefits to the local designating body prior to the initiation of the redevelopment or rehabilitation, the occupancy of an eligible vacant building, or the installation of new eligible equipment for which the person desires to claim a deduction.
(b) The designating body shall review the statement of benefits submitted under subsection (a) and shall determine under IC 6-1.1-12.1-4.8 as to an eligible vacant building or under IC 6-1.1-12.1-3(b) as to property defined in IC 6-1.1-12.1-1(4) or IC 6-1.1-12.1-4.5(c) as to new eligible equipment whether the totality of the benefits justify the deduction. A designating body may not approve of the deduction unless it finds that the totality of the benefits justifies the deduction.
