Terms Used In Indiana Code > Title 6 > Article 3.1 > Chapter 11 - Industrial Recovery Tax Credit

• applicable percentage: means the percentage determined as follows:

  Indiana Code 6-3.1-11-1

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: refers to the Indiana economic development corporation created under IC 5-28-3 unless the context clearly denotes otherwise. See Indiana Code 6-3.1-11-2.5
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• floor space: means the usable interior floor space of a building. See Indiana Code 6-3.1-11-4
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• industrial recovery site: means land on which a vacant plant having at least one hundred thousand (100,000) square feet of total floor space:

  Indiana Code 6-3.1-11-5

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• placed in service: means that property is placed in a condition or state of readiness and availability for a specifically assigned function. See Indiana Code 6-3.1-11-8
• plant: means a building or complex of buildings used, or designed and constructed for use, in production, manufacturing, fabrication, assembly, processing, refining, finishing, or warehousing of tangible personal property, whether the tangible personal property is or was for sale to third parties or for use by the owner in the owner's business. See Indiana Code 6-3.1-11-9
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• qualified investment: means the amount of the taxpayer's expenditures for rehabilitation of property located within an industrial recovery site. See Indiana Code 6-3.1-11-10
• rehabilitation: means the remodeling, repair, or betterment of real property in any manner or any enlargement or extension of real property. See Indiana Code 6-3.1-11-11
• state tax liability: means the taxpayer's total tax liability that is incurred under:

  Indiana Code 6-3.1-11-12

• taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability and that is the owner or developer of an industrial recovery site. See Indiana Code 6-3.1-11-13
• vacant: means with respect to a plant that at least seventy-five percent (75%) of the plant placed in service is not used to carry on production, manufacturing, assembly, processing, refining, finishing, or warehousing of tangible personal property. See Indiana Code 6-3.1-11-14
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5