Indiana Code 20-47-2-21. Exemption of lessor corporation property from taxes
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Terms Used In Indiana Code 20-47-2-21
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lessor corporation: means a corporation described in section 6 of this chapter. See Indiana Code 20-47-2-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 21. Property owned by a lessor corporation entering into a lease with a school corporation or corporations under this chapter, and all stock and other securities (including the interest or dividends) issued by a lessor corporation, are exempt from all state, county, and other taxes, except the financial institutions tax (IC 6-5.5).
[Pre-2006 Recodification Citation: 21-5-11-14.]
As added by P.L.2-2006, SEC.170. Amended by P.L.79-2017, SEC.67.