Exemption for certain business personal property; information

# (1)

is otherwise subject to assessment and taxation under this article;

# (2)

is used in a trade or business or otherwise held, used, or consumed in connection with the production of income; and

# (3)

was:

# (A)

acquired by the taxpayer in an arms length transaction from an entity that is not an affiliate of the taxpayer, if the personal property has been previously used in Indiana before being placed in service in the county; or

# (B)

acquired in any manner, if the personal property has never been previously used in Indiana before being placed in service in the county.
The term does not include mobile homes assessed under IC 6-1.1-7, personal property held as an investment, or personal property that is assessed under IC 6-1.1-8 and is owned by a public utility subject to regulation by the Indiana utility regulatory commission. However, the term does include the personal property of a telephone company or a communications service provider if that personal property meets the requirements of subdivisions (1) through (3), regardless of whether that personal property is assessed under IC 6-1.1-8 and regardless of whether the telephone company or communications service provider is subject to regulation by the Indiana utility regulatory commission.

(d) Notwithstanding section 7 of this chapter, if the acquisition cost of a taxpayer's total business personal property in a county is less than:

(1) eighty thousand dollars ($80,000) for assessment dates before 2026; and

(2) two million dollars ($2,000,000) for the 2026 assessment date, and each assessment date thereafter;
the taxpayer's business personal property in the county for that assessment date is exempt from taxation.

(e) Subject to subsection (f), a taxpayer that is eligible for the exemption under this section for an assessment date shall include the following information on the taxpayer's personal property tax return:

(1) A declaration that the taxpayer's business personal property in the county is exempt from property taxation.

(2) Whether the taxpayer's business personal property within the county is in one (1) location or multiple locations.

(3) An address for the location of the property.
If the business personal property is in multiple locations within a county, the taxpayer shall provide an address for the location where the sum of acquisition costs for business personal property is greatest. If two (2) or more addresses contain the greatest equivalent sum of acquisition costs for business personal property within a given county, the taxpayer shall choose only one (1) address to list on the return.

(f) Beginning after December 31, 2022, a taxpayer that has included the information required under subsection (e) on the taxpayer's personal property tax return to claim the exemption under this section is not required to file a personal property return for the taxpayer's business personal property for an assessment date that occurs after the assessment

date for which the information is first provided under subsection (e), unless or until the taxpayer no longer qualifies for the exemption under subsection (d) for a subsequent assessment date.

(g) This subsection applies to a taxpayer who filed a business personal property tax return on or after April 15, 2025, in which the taxpayer claimed an exemption under this section for the 2025 assessment date of more than eighty thousand dollars ($80,000) under provisions enacted in SEA 1-2025, but before those provisions were repealed in HEA 1427-2025. A taxpayer described in this subsection is not entitled to an exemption under this section that exceeds the amount as amended in HEA 1427-2025, and the taxpayer must file an amended return not later than May 31, 2025.
As added by P.L.80-2014, SEC.1. Amended by P.L.249-2015, SEC.3; P.L.199-2016, SEC.1;
P.L.273-2019, SEC.2; P.L.153-2021, SEC.1; P.L.137-2022, SEC.11; P.L.68-2025, SEC.6;
P.L.230-2025, SEC.14.