Sec. 33. (a) For purposes of this section “hydroelectric power device” means a device which is installed after December 31, 1981, and is designed to utilize the kinetic power of moving water to provide mechanical energy or to produce electricity.
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Terms Used In Indiana Code 6-1.1-12-33
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(1) the assessed value of the real property or mobile home with the hydroelectric power device; minus
(2) the assessed value of the real property or mobile home without the hydroelectric power device.
(c) The deduction provided by this section applies only if the property owner:
(1) owns the real property or mobile home; or
(2) is buying the real property or mobile home under contract;
on the date the statement is filed under section 35.5 of this chapter.
As added by Acts 1981, P.L.71, SEC.1. Amended by P.L.144-2008, SEC.32.
