Indiana Code 6-3.1-11-1. “Applicable percentage”
(1) If a plant was placed in service at least fifteen (15) years ago but less than thirty (30) years ago, the applicable percentage is fifteen percent (15%).
Terms Used In Indiana Code 6-3.1-11-1
- applicable percentage: means the percentage determined as follows:
Indiana Code 6-3.1-11-1
- 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
- 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
- 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
(3) If a plant was placed in service at least forty (40) years ago, the applicable percentage is twenty-five percent (25%).
The time that has expired since a plant was placed in service shall be determined as of the date that an application is filed with the corporation. However, in the case of an industrial recovery site described in section 5(2) of this chapter, the time that has expired since a plant was placed in service shall be determined as of the date on which the demolition of the vacant plant was completed.
As added by P.L.379-1987(ss), SEC.11. Amended by P.L.113-2011, SEC.1; P.L.288-2013, SEC.34; P.L.204-2016, SEC.16.