Property Tax Alert–Indiana

May 2004

Effective July 1, 2004, the term "vacant industrial facility" includes a tract of land with a plant that has at least 250,000 (previously, 300,000) square feet of floor space, for purposes of qualifying for an industrial recovery investment credit against Indiana adjusted gross income tax, property tax, or financial institutions tax. The other unchanged portions of the definition of "vacant industrial facility" are (1) a plant that was placed in service at least 20 years ago, and (2) a plant that has been vacant for two or more years, unless owned by a municipality or a county.

Please contact Rash & Associates for more information.