reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 6 - Valuation of Depreciable Personal Property › Section 6-7 - Valuation

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 7.
(a) Except as
				provided in section 9 of this rule, the value of depreciable personal property
				is computed by subtracting federal depreciation from the adjusted cost of the
				depreciable personal property. The value of depreciable personal property is
				the depreciated value of the depreciable personal property as computed for
				federal income tax purposes.
(b)
				Depreciation shall be computed using the method or methods of depreciation that
				the public utility company has used for federal income tax purposes for that
				property. If depreciable personal property is acquired prior to the
				establishment of the first reporting year for federal income tax purposes,
				depreciation shall be computed in the same manner as the public utility
				contemplates using for federal income tax purposes.
(c) The amount of depreciation computed in
				subsection (b) shall be increased by any expense election deduction (Section
				179 of the Internal Revenue Code of 1986) or investment tax credit claimed on
				the property by the public utility company for federal income tax
				purposes.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 6 - Valuation of Depreciable Personal Property › Section 6-8 - Deduction for gross additions

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 8.
Except as provided in section 9 of this rule, the value of
				  depreciable personal property is computed by deducting an allowance for gross
				  additions in addition to the adjustment for depreciation computed under section
				  7 of this rule. The deduction for gross additions is computed as:
(1) sixty percent (60%) of the adjusted cost
				of depreciable personal property placed in service during the immediately
				preceding twelve (12) months; minus
(2) the depreciation computed on the adjusted
				cost of depreciable personal property, as computed under section 7 of this
				rule, placed in service during the immediately preceding twelve (12)
				months.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 6 - Valuation of Depreciable Personal Property › Section 6-9 - Minimum value

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 9.
(a) The total
				value of the distributable depreciable personal property cannot be less than
				thirty percent (30%) of the adjusted cost of the distributable personal
				property.
(b) The total value of
				the locally assessed depreciable personal property in a single taxing district
				cannot be less than thirty percent (30%) of the adjusted cost of the locally
				assessed personal property in that taxing district.
(c) The thirty percent (30%) minimum value
				test shall be applied prior to any special adjustment for abnormal obsolescence
				or permanently retired depreciable personal property. The limitation does not
				apply to construction in progress under 50 IAC 5.1-9-1(a) or special tooling
				under 50 IAC 5.1-9-1(b).
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 6 - Valuation of Depreciable Personal Property › Section 6-10 - Permanently retired depreciable personal property

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 10.
(a)
				Permanently retired depreciable personal property that is on hand on the
				assessment date is subject to an adjustment at the election of the
				taxpayer.
(b) The value of
				permanently retired depreciable personal property is the net scrap or net sale
				value of the depreciable personal property retired.
(c) In order to qualify for this adjustment,
				a taxpayer will need to substantiate that the depreciable personal property was
				permanently retired and not in use.
(d) The adjustment for permanently retired
				depreciable personal property is computed as the difference between the true
				tax value of the depreciable personal property retired (computed under sections
				7 through 9 of this rule) and the net scrap or net sale value of the
				depreciable personal property retired.
(e) The adjustment for permanently retired
				depreciable personal property may not exceed the true tax value of the
				depreciable personal property retired.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 6 - Valuation of Depreciable Personal Property › Section 6-11 - Abnormal obsolescence

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 11.
(a) An
				adjustment for abnormal obsolescence, as defined in 50 IAC 5.1-11-1(3), may be
				permitted in accordance with 50 IAC 5.1-11-3.
(b) No adjustment will be allowed for normal
				obsolescence as defined in 50 IAC 5.1-11-1(2).
(c) The dollar amount of the adjustment for
				the depreciable personal property under this section may not exceed the
				tentative true tax value as computed in sections 7 and 8 of this rule for the
				specific unit or units of depreciable personal property on which the taxpayer
				claims the adjustment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 7 - Valuation of Nondepreciable Property › Section 7-1 - Definitions

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 1.
(a) The
				definitions in this section apply throughout this rule.
(b) "Contributions in aid of construction" or
				"CIAC" means property, other than locally assessed real property, of a public
				utility company that is used by the public utility company in providing the
				utility service and which is donated or contributed.
(c) "Nondepreciable personal property" means
				the property, other than locally assessed real property, of a public utility
				company that is not subject to depreciation for federal income tax purposes. It
				does not include inventory, but may include both locally assessed personal
				property (excluding inventory) and distributable property.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 7 - Valuation of Nondepreciable Property › Section 7-2 - Book cost determinative

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 2.
(a) The cost
				of nondepreciable property, both real and personal, as recorded on the public
				utility company's books and records, must be utilized in determining the value
				of the nondepreciable property subject to assessment.
(b) A public utility company is subject to
				assessment for property owned or used by it. Contributions in aid of
				construction are used by the public utility company to deliver its service.
				Therefore, contributions in aid of construction are subject to assessment.
The public utility company may not reduce the cost of
				  property shown on its books and records by the amount of contributions in aid
				  of construction or customer advances.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 7 - Valuation of Nondepreciable Property › Section 7-3 - Mandatory adjustment

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 3.
The cost of nondepreciable property as computed under section
				  2 of this rule must be reported at the tax basis of such property as defined in
				  Section 1012 of the Internal Revenue Code of 1986.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 7 - Valuation of Nondepreciable Property › Section 7-4 - Valuation

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 4.
(a) Except as
				provided in subsection (b), the value of nondepreciable property shall be the
				tax basis of such property as defined in Section 1012 of the Internal Revenue
				Code of 1986.
(b) Contributions in
				aid of construction that would be subject to depreciation for federal income
				tax purposes if owned by the public utility company are eligible for
				depreciation. Depreciation for contributions in aid of construction shall be
				computed using the method of depreciation that the owner would have used for
				federal income tax purposes. Depreciation is computed over the useful life of
				the contributions in aid of construction. For purposes of this subsection,
				useful life is the life that would have been used for federal income tax
				purposes by the owner.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 8 - Valuation of Inventories › Section 8-1 - Valuation

Current through July 10, 2024
Authority: IC 6-1.1-8; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 1.
Inventory, materials, and supplies shall be valued in
				  accordance with 50 IAC 4.2-5.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 9 - Valuation of Other Tangible Personal Property › Section 9-1 - Construction in progress

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 1.
(a) The
				starting point for the valuation of construction in progress is the cost
				recorded on the public utility company's books and records which is
				attributable to such property, excluding locally assessed real property,
				including all expenses incurred in acquiring or producing the assets not yet
				placed in service.
(b) In the event
				the cost as recorded on the regular books and records of the public utility
				company does not reflect acquisitions and transfers since the end of the
				financial period immediately preceding the assessment date, such acquisitions
				and transfers are required to be included.
(c) If the cost as recorded on the regular
				books and records of the public utility company reflects advance payments or
				deposits, and if such amounts were attributable to property other than locally
				assessed real property, such amounts shall be allowed as a deduction from book
				cost.
(d) The true tax value of
				construction in progress is ten percent (10%) of the cost of such
				property.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 9 - Valuation of Other Tangible Personal Property › Section 9-2 - Special tooling

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 2.
(a) Special
				tooling must be reported for Indiana property assessment purposes at the tax
				situs where located on the assessment date, regardless of whether such special
				tooling is capitalized or expensed.
(b) The owner of any personal property
				subject to assessment and taxation on the assessment date has the
				responsibility for reporting such property for assessment and taxation. Special
				tooling must be reported on the appropriate form on the public utility
				company's annual report to the state board. If the special tooling is locally
				assessed personal property, the special tooling must also be reported to the
				township assessor.
(c) The
				possessor of not-owned special tooling has the responsibility for disclosing
				such property to the local assessing officials and the state board.
(d) The total cost of special tooling is
				allocated into two (2) groups. The total cost of the special tooling acquired
				between the immediately preceding assessment date and the current assessment
				date is allocated into one (1) group (Group I), and the balance of the total
				cost of the special tooling on hand which was acquired prior to the immediately
				preceding assessment date is allocated into a second group (Group II).
				Expenditures incurred by a taxpayer to refurbish existing special tooling are
				deemed to be special tools acquired during the period in which such special
				tooling was refurbished.
(e) The
				total cost of special tooling that is not owned by the possessor must be based
				on the original cost to the owner of such special tooling, if available. If the
				original cost to the owner is not available, the cost shall be based upon the
				best information available; however, the true tax value of the not-owned
				special tooling shall not be less than the insured value of such
				property.
(f) The true tax value of
				special tooling is computed as the sum of:
(1)
				the cost of Group I multiplied by thirty percent (30%); and
(2) the cost of Group II special tooling
				multiplied by three percent (3%).
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 9 - Valuation of Other Tangible Personal Property › Section 9-3 - Leasehold improvements

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 3.
(a) Whenever
				a public utility company makes any expenditure for an improvement to locally
				assessed real property, locally assessed personal property, or distributable
				property not owned by the public utility company, such expenditure shall be
				assessable as locally assessed personal property or distributable property to
				the extent it is not locally assessed real property.
(b) The following are examples of leasehold
				improvements which are personal property:
(1)
				Foundations and pilings related to the installation and use of personal
				property.
(2) Personal property
				attached to the real property, if such items are related to activities or
				processes conducted in or on the real property, if the personal property is an
				integral part of such activity. For example, improvements to real property that
				would be assessable as either locally assessed personal property or as
				distributable property may include:
(A)
				shelving, bins, counters, and related items;
(B) nonpermanent partitions;
(C) supplemental heating and air
				conditioning;
(D) extraordinary
				lighting;
(E) extraordinary
				electrical and plumbing facilities; and
(F) carpeting and draperies.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 9 - Valuation of Other Tangible Personal Property › Section 9-4 - Returnable containers

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-26
Sec. 4.
(a)
				Returnable containers must be reported for property assessment purposes at the
				tax situs where located on the assessment date by the person owning the
				returnable containers.
(b) The
				owner of any personal property subject to assessment and taxation on the
				assessment date has the responsibility for reporting such property for
				assessment and taxation. Returnable containers must be reported on the
				appropriate form on the public utility company's annual report to the
				department. If the returnable containers are locally assessed personal
				property, the returnable containers must also be reported to the township
				assessor.
(c) The possessor of
				not-owned returnable containers has the responsibility for disclosing such
				property to the local assessing officials and the department.
(d) The cost of returnable containers is
				computed by extending the quantity of such property on hand by:
(1) the amount of deposit required for such
				item;
(2) the refund entitled
				thereto when such returnable containers are returned to the owner;
(3) the sales price of the returnable
				property; or
(4) the cost of such
				returnable containers in the hands of the owner since the owner is liable for
				assessment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 10 - Valuation of Leased Property › Section 10-1 - Valuation

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 1.
(a) Leased
				property reported for assessment by a public utility company shall be valued in
				the same manner as property owned by the public utility company. The value is
				computed by subtracting depreciation from the base year value.
(b) Depreciation for leased property shall be
				computed using the method of depreciation that the owner would have used for
				federal income tax purposes. Depreciation is computed over the useful life of
				the leased property. For purposes of this subsection, useful life is that
				useful life that would have been used for federal income tax purposes by the
				owner.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 10 - Valuation of Leased Property › Section 10-2 - General reporting requirements

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-26
Sec. 2.
(a) In
				completing the annual report, a public utility company shall make a complete
				disclosure of all information relating to leased property that it owns, holds,
				possesses, or controls.
(b) If a
				public utility company holds, possesses, controls, or occupies leased property,
				the public utility company shall make a full disclosure, on the forms provided
				by the department, of such property and information relating to that property.
				The required information shall include the name and address of the owner,
				model, description, location, quantities on hand, date of installation, value
				(if known) as required by this article, and any other information requested on
				the appropriate form. If the leased property is distributable property, the
				public utility company shall disclose such property on the appropriate form in
				its annual report to the department.
(c) Failure by a public utility company to
				properly disclose property that it holds, possesses, or controls will result in
				the assessment of the property to the public utility company. See, State Board
				of Tax Commissioners v. Jewell Grain Company, 556 N.E.2d 920 (Ind.
				1990).
(d) Information is required
				to be submitted by the holder, possessor, or controller even if the owner is
				liable for the taxes under a contract to ensure that the assessing official has
				the necessary information to correctly assess the property in
				question.
(e) Both the lessor (the
				owner) and the lessee (the holder, possessor, or controller) have specific
				reporting requirements. The purpose of these dual reporting requirements is to
				ensure that property is disclosed to the local assessing officials who will
				ensure that the property is assessed.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 10 - Valuation of Leased Property › Section 10-3 - Leased distributable property; specific reporting requirements

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-26
Sec. 3.
(a) The
				public utility company is primarily responsible for the reporting of the leased
				distributable property for assessment and taxation, whether such lease is a
				capital lease or an operating lease.
(b) The holder, possessor, or controller of
				leased distributable property (lessee) shall disclose the leased property on
				the designated form included with its annual report to the department. In
				completing the designated form, the holder, possessor, or controller shall
				include all of the information required by the form.
(c) The owner (lessor) of leased
				distributable property is required to disclose the existence of the leased
				property to the department. In completing the form designated for such
				disclosure, the owner shall include all of the information required by the
				form.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 10 - Valuation of Leased Property › Section 10-4 - Locally assessed property subject to operating leases; specific reporting requirements

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-26
Sec. 4.
(a) The
				owner (lessor) of locally assessed leased property subject to an operating
				lease is primarily responsible for the reporting of the locally assessed leased
				property for assessment and taxation.
(b) If the owner of the locally assessed
				leased property is a public utility company and the locally assessed leased
				property is subject to an operating lease, the locally assessed leased property
				shall be assessed in the following manner:
(1)
				The owner shall disclose and report the locally assessed leased property on the
				designated form included with its annual report to the department. In
				completing the designated form, the owner shall include all of the information
				required by the form.
(2) The
				holder, possessor, or controller (lessee) of locally assessed leased property
				subject to an operating lease is required to disclose the existence of the
				leased property to the department and local assessing officials. The holder,
				possessor, or controller shall disclose the locally assessed leased property on
				the designated form included with its annual report to the department. In
				completing the designated form, the holder, possessor, or controller shall
				include all of the information required by the form.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 10 - Valuation of Leased Property › Section 10-5 - Locally assessed property subject to capital leases; specific reporting requirements

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-26
Sec. 5.
(a) The
				holder, possessor, or controller (lessee) of locally assessed leased property
				subject to a capital lease is primarily responsible for the reporting of the
				locally assessed leased property for assessment and taxation.
(b) If the holder, possessor, or controller
				of the locally assessed leased property is a public utility company and the
				locally assessed leased property is subject to a capital lease, the locally
				assessed leased property shall be assessed in the following manner:
(1) The holder, possessor, or controller
				shall disclose and report the locally assessed leased property on the
				designated form included with its annual report to the department. In
				completing the designated form, the holder, possessor, or controller shall
				include all of the information required by the form.
(2) The owner (lessor) of locally assessed
				leased property subject to a capital lease is required to disclose the
				existence of the leased property to the department and local assessing
				officials. The owner shall disclose the locally assessed leased property on the
				designated form. In completing the designated form, the owner shall include all
				of the information required by the form.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 11 - Obsolescence › Section 11-1 - Definitions

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 1.
The following definitions apply throughout this section:
(1) "Abnormal obsolescence" means that
				obsolescence which occurs as a result of factors over which the taxpayer has no
				control and is unanticipated, unexpected, and cannot reasonably be foreseen by
				a prudent businessperson prior to the occurrence. Abnormal obsolescence is of a
				nonrecurring nature and includes:
(A)
				unforeseen changes in market values;
(B) adverse governmental action;
(C) exceptional technological obsolescence;
				or
(D) destruction by catastrophe;
that have a direct effect upon the value of the property of
				  the taxpayer at the tax situs in question on a going concern basis.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 11 - Obsolescence › Section 11-2 - Examples

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 2.
Examples of abnormal obsolescence include the
				  following:
(1) An example of an
				unforeseen change in market value would be a government ban on the sale of a
				drug or chemical due to a new discovery or determination, which may cause that
				item or the production equipment used to produce it to be abnormally obsolete.
				A specific example of this would be cyclamate. In this case, the property used
				to produce it may be eligible for abnormal obsolescence, while the inventory
				(cyclamate) should be valued at the lower of cost or market as provided in
				50 IAC
				4.2-5-7.
(2) Abnormal obsolescence due to exceptional
				technological obsolescence should be recognized to the extent that it causes
				the subject property to be incapable of use for current production or
				adaptation to a different use. The invention of a newer, more productive piece
				of equipment, which would produce a better quality item, or utilization of
				state of the art technology that produces more efficiently at a lower cost of
				production, does not cause an older, currently used asset to be considered
				abnormally obsolete. If the asset is still capable of performing the function
				for which it was acquired and is producing both on and before the assessment
				date, no adjustment shall be allowed. The use of historical cost, short useful
				life, and accelerated federal tax depreciation result in an equitable
				assessment on the property in question.
(3) Abnormal obsolescence due to catastrophe
				should be recognized to the extent that it has a direct effect on the value of
				a particular item. Property that has been destroyed or damaged by catastrophe
				as of the assessment date would qualify for such an adjustment. A chemical or
				production process which, due to an irreparable malfunction, emits a toxic gas
				or deadly chemical into the outside atmosphere would qualify for such an
				adjustment to the extent the property is incapable of use.
(4) A government order to shut down certain
				production equipment due to improper emission levels may result in abnormal
				obsolescence if the cost to cure the delinquent equipment results in incurable
				obsolescence, that is, the cost-to-cure exceeds the contribution or increase in
				value of the impaired item or the impairment cannot be
				corrected.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 11 - Obsolescence › Section 11-3 - Abnormal obsolescence claim

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8
Sec. 3.
(a) An
				adjustment for abnormal obsolescence will be permitted to the extent that the
				property qualifies for the adjustment and the public utility company is able to
				substantiate the facts, circumstances, and amount of the claim in order to
				properly determine the true tax value of the subject property.
(b) A taxpayer wishing to claim an adjustment
				for abnormal obsolescence must provide documentation of the resulting valuation
				of the personal property at the tax situs in question on the assessment date on
				a going concern basis.
(c) The
				books and records of the public utility company must not have reflected the
				abnormal obsolescence on the assessment date.
(d) The adjustment for abnormal obsolescence
				may not exceed the true tax value of the property without consideration of the
				abnormal obsolescence adjustment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 11 - Obsolescence › Section 11-4 - Full disclosure

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 4.
A public utility company shall disclose any claim for an
				  adjustment for abnormal obsolescence in the annual report filed with the
				  department under
				  50
				  IAC 5.1-3-2.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-1 - Introduction

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-2; IC
				  6-1.1-8-28;
				  IC 6-1.1-10; IC 6-1.1-11; IC 6-1.1-12; IC 6-1.1-12.1; IC 6-1.1-40; IC
				  6-1.1-45
Sec. 1.
In addition to the specific exemptions mentioned in this
				  rule, a public utility company may qualify for certain exemptions, deductions,
				  or credits. For specific information on exemptions, deductions, and credits,
				  see IC 6-1.1-10, IC 6-1.1-11, IC 6-1.1-12, IC 6-1.1-12.1, IC 6-1.1-45.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-2 - Air pollution control exemption

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-2; IC 6-1.1-8-28; IC 6-1.1-10-12; IC
				  6-1.1-10-13; IC 6-1.1-11
Sec. 2.
(a) Personal
				property owned by a public utility company may qualify for exemption as an air
				pollution control system if:
(1) it is part of
				a stationary or unlicensed mobile air pollution control system of a:
(A) private manufacturing;
(B) fabricating;
(C) assembling;
(D) extracting;
(E) mining;
(F) processing;
(G) generating;
(H) refining; or
(I) other;
industrial facility;
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-3 - Air pollution control exemption; claim

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8; IC 6-1.1-10-12; IC 6-1.1-10-13; IC
				  6-1.1-11
Sec. 3.
A public utility company that wishes to obtain an exemption
				  for an air pollution control system must annually claim the exemption on the
				  appropriate form included in its annual report. The public utility company must
				  disclose such information about the property claimed to be exempt as an air
				  pollution control system as required on the form.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-4 - Water pollution control exemption

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-2; IC 6-1.1-8-28; IC 6-1.1-10-9; IC
				  6-1.1-10-10; IC 6-1.1-11
Sec. 4.
(a) As used
				in this section, "industrial waste control facility" means personal property
				which is:
(1) included either as a part of or
				an adjunct to a privately owned manufacturing or industrial plant or coal
				mining operation; and
(2) used
				predominantly to:
(A) prevent, control,
				reduce, or eliminate pollution of a stream or a public body of water within or
				adjoining this state by:
(i)
				treating;
(ii)
				pretreating;
(iii)
				stabilizing;
(iv)
				isolating;
(v)
				collecting;
(vi) holding;
(vii) controlling; or
(viii) disposing;
of waste or contaminants generated by such plant; or
(B) meet state or
				federal reclamation standards for a coal mining operation.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-5 - Water pollution control exemption; claim

Current through July 10, 2024
Authority: IC
				  6-1.1-8-42;
				  IC
				  6-1.1-31-1
Affected: IC
				  6-1.1-8-2; IC
				  6-1.1-8-28;
				  IC
				  6-1.1-10-9;
				  IC
				  6-1.1-10-10;
				  IC 6-1.1-11
Sec. 5.
A public utility company subject to IC 6-1.1-8 that wishes to
				  obtain an exemption for an industrial waste control facility must annually
				  claim the exemption on the appropriate form, Schedule A-4, Water Pollution
				  Control Equipment (State Form 47336), with the township or county assessor, as
				  applicable, and as provided by IC
				  6-1.1-10-10.
				  The township or county assessor, in accord with the determination of the
				  Indiana department of environmental management, and as provided by IC
				  6-1.1-10-10,
				  shall allow or deny in whole or in part each exemption claim. The public
				  utility company must file its annual return and schedules with the department
				  as required by IC 6-1.1-8 and this article.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 12 - Exemptions, Deductions, and Credits › Section 12-6 - Waiver of exemption

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-2; IC 6-1.1-8-28; IC 6-1.1-11-1
Sec. 6.
An exemption is a privilege which may be waived by a person
				  who owns tangible property that would qualify for the exemption. If the owner
				  does not comply with statutory procedures for obtaining an exemption, the
				  exemption is waived. If the exemption is waived, the property is subject to
				  taxation. (The complete text of the statute is contained in IC
				  6-1.1-11-1.)
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.1 - PUBLIC UTILITY ASSESSMENT › Rule 13 - Severability › Section 13-1 - Severability

Current through July 10, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-42
Sec. 1.
If any section or part of any section of any rule of this
				  article or the application thereof to any person or circumstance is held
				  invalid, such invalidity shall not affect the other sections, parts, or
				  applications of this article which can be given effect without the invalid
				  section of any rule; and to this end the provisions of this article are
				  severable.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 5.2 - PUBLIC UTILITY ASSESSMENT (VOIDED)

Current through July 10, 2024
Under P.L. 192-2002 (ss), SECTION 29, 50 IAC 5.2 and any other
				rule to the extent that it conflicts with IC 6-1.1-8-44, is void. Effective
				January 1, 2003.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-1 - "Additional credit" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 8-22-3.5
Sec. 1.
As used in this article, "additional credit" means the
				  additional property tax credit established in IC 36-7-14-39.5
[IC
				  36-7-14-39.5 was repealed by P.L. 146-2008, SECTION 813, effective January 1,
				  2009.]
.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-2 - "Allocation area" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39-2; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 2.
As used in this article, "allocation area" means:
(1) the part of a blighted area to which an
				allocation provision of a declaratory resolution, adopted under IC 36-7-14-15
				(or IC 36-7-15.1-8 for Marion County), refers for purposes of distribution and
				allocation of property taxes;
(2)
				an economic development area that has been designated as an allocation area
				pursuant to IC 36-7-14-41 and IC 36-7-14-43 or pursuant to IC 36-7-15.1-29
				through IC 36-7-15.1-30;
(3) an
				allocation area established under IC 36-7-15.1-32 with respect to a program for
				housing; or
(4) an economic
				development district declared under IC 6-1.1-39-2.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-3 - "Allocation area assessment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 3.
As used in this article, "allocation area assessment" means
				  the current aggregate assessed value of allocation area real property and
				  allocation area personal property.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-4 - "Allocation area personal property" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 4.
As used in this article, "allocation area personal property"
				  means depreciable personal property in an allocation area that is subject to
				  property taxes and that has been included in the tax increment program pursuant
				  to a resolution adopted by a redevelopment commission that is eligible to adopt
				  such a resolution. (See 50 IAC 8-2-2(b).)
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-5 - "Allocation area real property" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 5.
As used in this article, "allocation area real property"
				  means all of the individual parcels of real property located in an allocation
				  area.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-6 - "Assessed value" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 6.
As used in this article, "assessed value" or "assessed
				  valuation" means net assessed value unless otherwise specified.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-7 - "Base assessment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 8-22-3.5; IC 36-7-15.1-32
Sec. 7.
As used in this article, "base assessment" means the
				  aggregate assessed valuation of all allocation area real property and
				  allocation area personal property as of the base assessment date. However, the
				  "base assessment" in an allocation area established under IC 36-7-15.1-32 with
				  respect to a program for housing does not include the assessed value of real
				  property improvements as of the base assessment date. However, if the effective
				  date of the allocation provision of a declaratory ordinance is after March 1,
				  1985, and before January 1, 1986, and if an improvement to property was
				  partially completed on March 1, 1985, the unit may provide in the declaratory
				  ordinance that the taxes attributable to the assessed value of the property as
				  finally determined for March 1, 1984, shall be allocated to and, when
				  collected, paid into the funds of the respective taxing units.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-8 - "Base assessment date" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 8.
As used in this article, "base assessment date" means the
				  March 1 that immediately precedes the effective date of a declaratory
				  resolution by the redevelopment commission that either establishes an
				  allocation area or adds new area to an existing allocation area. (If the
				  effective date is March 1, the immediately preceding March 1 is the base
				  assessment date.)
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-9 - "Blighted" defined

Current through July 10, 2024
Authority: IC 36-7-14; IC 36-7-15.1
Affected: IC 8-22-3.5; IC 36-7-14; IC 36-7-15.1
Sec. 9.
As used in this article, "blighted" means with respect to
				  units subject to IC 36-7-14 "blighted" and with respect to units subject to IC
				  36-7-15.1 "blighted, deteriorated, or deteriorating."
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-10 - "Captured assessment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 10.
As used in this article, "captured assessment" means the
				  amount of allocation area assessment used to calculate the tax
				  increment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-11 - "Captured assessment individual component" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 11.
As used in this article, "captured assessment individual
				  component" means, with respect to a parcel of allocation area real property or
				  a return of allocation area personal property, the component of assessed
				  valuation that, when aggregated with all other captured assessment individual
				  components, constitutes the captured assessment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-12 - "Current base assessment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 12.
As used in this article, "current base assessment" means the
				  base assessment plus the uncaptured assessment. The amount of this assessed
				  value is used in the calculation of a tax rate by each taxing unit in which the
				  allocation area is located.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-13 - "Current base assessment individual component" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 13.
As used in this article, "current base assessment individual
				  component" means, with respect to a parcel of allocation area real property or
				  a return of allocation area personal property, the component of assessed value
				  that, when aggregated with all other current base assessment individual
				  components, constitutes the current base assessment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-14 - "Housing program credit" defined

Current through July 10, 2024
Authority: IC 36-7-15.1-35
Affected: IC 8-22-3.5; IC 36-7-15.1-35
Sec. 14.
As used in this article, "housing program credit" means the
				  credit established under IC 36-7-15.1-35 with respect to a program for
				  housing.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-15 - "Original base assessment individual real property component" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 15.
As used in this article, "original base assessment individual
				  real property component" means, with respect to a parcel of allocation area
				  real property, a component of assessed value that is no greater than the
				  assessed value of the parcel as of the base assessment date. If the assessed
				  value of the parcel in a later year is the same as or greater than its assessed
				  value as of the base assessment date, the component in the later year equals
				  the assessed value of the parcel as of the base assessment date. If the
				  assessed value of the parcel in a later year is less than its assessed value as
				  of the base assessment date, the component in the later year equals the actual
				  assessed value of the parcel as of the assessment date of that later
				  year.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-16 - "Potential captured assessment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 16.
As used in this article, "potential captured assessment"
				  means the amount by which the allocation area assessment exceeds the base
				  assessment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-17 - "Potential captured assessment individual component" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 17.
As used in this article, "potential captured assessment
				  individual component" means, with respect to a parcel of allocation area real
				  property or a return of allocation area personal property, the component of
				  assessed valuation that, when aggregated with all other potential captured
				  assessment individual components, constitutes the potential captured
				  assessment.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-18 - "PTR credit" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 8-22-3.5
Sec. 18.
"PTR credit" means the property tax replacement credit
				  provided under IC 6-1.1-21
[IC 6-1.1-21 was repealed by P.L. 146-2008,
				  SECTION 813, effective January 1, 2009.]
.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-19 - "Redevelopment commission" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39-2; IC 8-22-3.5; IC 36-3-4-23; IC
				  36-7-14-6.1
Sec. 19.
As used in this article, "redevelopment commission" means a
				  redevelopment commission appointed under IC 36-7-14-6.1, a metropolitan
				  development commission acting as the redevelopment commission of a consolidated
				  city subject to IC 36-3-4-23, or a fiscal body of a unit that declares an
				  economic development district under IC 6-1.1-39-2. The term redevelopment
				  commission refers to all of these entities unless the context indicates
				  otherwise.
Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 8 - TAX INCREMENT FINANCE › Rule 1 - Definitions › Section 1-20 - "Tax increment" defined

Current through July 10, 2024
Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1
Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC
				  36-7-15.1
Sec. 20.
As used in this article, "tax increment" means the property
				  taxes generated from the captured assessment.