50 Ind. Admin. Code 22-3-1

Current through November 6, 2024

Section 50 IAC 22-3-1 - Real property eligible

Authority: IC 6-1.1-12.4-13

Affected: IC 6-1.1-12.1-3; IC 6-1.1-12.4-2

Sec. 1.

(a) In order to be eligible for the investment deduction:

(1) real property must meet the requirements of IC 6-1.1-12.4-2; and

(2) the real property owner must timely file a notice to claim the investment deduction.

(b) The investment deduction does not apply to a facility listed in IC 6-1.1-12.1-3(e).

(c) For purposes of the limitation of the investment deduction to two million dollars ($2,000,000) in assessed value for real property for the assessment year, a real property owner is limited to a total two million dollar ($2,000,000) deduction in assessed value for all eligible development, redevelopment, or rehabilitation on all real property owned within a county. The two million dollar ($2,000,000) in assessed value limitation of the investment deduction shall not be applied individually to each parcel of property owned within a county by the real property owner.

50 IAC 22-3-1

Department of Local Government Finance; 50 IAC 22-3-1; filed Jun 15, 2006, 11:25 a.m.: 20060712-IR-050050144FRA