Indiana Senate Bill 378 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 10 2022 - 25% progression, died in committee
Action: 2022-01-10 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Assessment of business personal property. Increases the acquisition cost threshold for the business personal property tax exemption from $80,000 to $250,000. Provides an exemption for business personal property regardless of the acquisition cost that applies only if the property is placed in service in calendar year 2023. Allows the exemption for the entire useful life of the property. Requires the department of local government finance to adopt rules to amend the Indiana Administrative Code to reduce the minimum valuation percentage for depreciable personal property from 30% to 27.5% for the 2023 assessment date, and to 25% for assessment dates beginning in 2024 and thereafter. Amends the county option exemption for business personal property to allow counties to adopt an exemption ordinance that applies only to the first five year period after new business personal property is placed in service and that would require the personal property to be placed back on the tax rolls beginning in the sixth year of its useful life. Makes conforming changes.

Assessment of business personal property.

Sen. Brian Buchanan [R]

Sen. Linda Rogers [R]

Date	Chamber	Action
2022-01-10	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2022-01-10	Senate	Authored by Senators Buchanan and Rogers

Type	Source
Summary	https://iga.in.gov/legislative/2022/bills/senate/378/details
Text	http://iga.in.gov/static-documents/b/a/2/6/ba268fcd/SB0378.01.INTR.pdf
Supplement	http://iga.in.gov/static-documents/0/f/f/6/0ff697cc/SB0378.01.INTR.FN001.pdf