50 Ind. Admin. Code 5.1-1-7
Authority: IC 6-1.1-31-1
Affected: IC 6-1.1-8-2
Sec. 7.
"Construction in progress" means tangible personal property that has not been placed in service on the assessment date. Construction in progress has not been depreciated and is not eligible for federal income tax depreciation under Section 167 of the Internal Revenue Code of 1986. Construction in progress does not include the inventory of a contractor that is not a part of the real or personal property under construction. A contractor's inventory must be valued and reported as provided in 50 IAC 4.2-5. Tangible personal property, normally assessed as inventory and held in abeyance or stored temporarily, and which possession may be transferred to another person to be attached to or become a part of an asset subject to assessment for personal property tax purposes, is taxable as inventory as provided in 50 IAC 4.2-5-1 or 50 IAC 5.1-8 and is not construction in progress.
50 IAC 5.1-1-7