Indiana Code 6-3.1-11-8. “Placed in service”
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Terms Used In Indiana Code 6-3.1-11-8
- floor space: means the usable interior floor space of a building. See Indiana Code 6-3.1-11-4
- 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
Sec. 8. As used in this chapter, “placed in service” means that property is placed in a condition or state of readiness and availability for a specifically assigned function. In the case of a plant comprised of a complex of buildings, the entire plant shall be considered to have been placed in service as of the date that a building was placed in service if the building has floor space that, when aggregated with the floor space of all buildings in the complex placed in service on earlier dates, exceeds fifty percent (50%) of the total floor space of all buildings in the complex.
As added by P.L.379-1987(ss), SEC.11.