Sec. 1.5. Notwithstanding IC 5-1.2-9-27, or any other law, any interest in a project, including all tangible personal property used exclusively in connection with a project, that is:

(1) owned by:

(A) the authority;

(B) an adjacent state or commonwealth; or

(C) a political subdivision or instrumentality of an adjacent state or commonwealth; and

(2) acquired, constructed, or otherwise provided in connection with a project by:

(A) an operator;

(B) an adjacent state or commonwealth; or

(C) a political subdivision or instrumentality of an adjacent state or commonwealth;

is considered to be public property devoted to an essential public and governmental function and purpose. This property, and a leasehold estate, franchise, license, or other interests in the property, is exempt from all ad valorem property taxes and special assessments levied against property by the state or any political subdivision of the state.

As added by P.L.91-2014, SEC.31. Amended by P.L.189-2018, SEC.94.