Sec. 22.5. (a) Except as provided in subsection (b), when a taxpayer acquires depreciable tangible personal property, the year of acquisition for the depreciable tangible personal property is the fiscal year determined as follows:
(1) The applicable fiscal year beginning January 2 and ending January 1, for depreciable tangible personal property acquired after January 1, 2016.
(2) The fiscal year beginning March 2, 2015, and ending January 1, 2016, for depreciable tangible personal property acquired after March 1, 2015, and before January 2, 2016.
(3) The applicable fiscal year beginning March 2 and ending March 1, for depreciable tangible personal property acquired before March 2, 2015.
(b) If a taxpayer has a financial year that ends on December 31 or January 31, the taxpayer may elect to use the same year as that used for federal income tax purposes to determine the year of acquisition of depreciable tangible personal property for Indiana property tax reporting purposes. Otherwise, a taxpayer is not eligible to elect to use a federal tax year to compute the year of acquisition for Indiana property tax reporting purposes and must use the applicable fiscal year specified in subsection (a).
(c) If a taxpayer makes a federal tax year election under subsection (b), an acquisition of depreciable tangible personal property after the close of the taxpayer's federal taxable year and on or before the immediately following assessment date must be included in a separate category on the taxpayer's return and clearly designated.
As added by P.L.245-2015, SEC.2.
Structure Indiana Code
Chapter 3. Procedures for Personal Property Assessment
6-1.1-3-1. Residents and Nonresidents; Place of Assessment; Evidence of Filing
6-1.1-3-2. Property Held by Trustee, Party, or Receiver
6-1.1-3-2.5. Like Kind Exchanges of Depreciable Personal Property
6-1.1-3-3. Estate of Deceased Individuals
6-1.1-3-4. Conflicts Involving Assessment Location; Settlement
6-1.1-3-5. Assessment Books and Blanks; Delivery
6-1.1-3-6. Return; Notification to Taxpayer
6-1.1-3-7. Filing Returns; Extension of Time; Consolidated Returns
6-1.1-3-7.5. Amended Returns; Tax Adjustments; Credits
6-1.1-3-8. Vending Machine Owners
6-1.1-3-9. Return; Necessary Information
6-1.1-3-10. Property Located in Two or More Townships; Additional Returns
6-1.1-3-14. Verification of Returns
6-1.1-3-15. Failure to File Return; Alternative Assessment Procedures; Election to File
6-1.1-3-16. Property Converted for Tax Avoidance; Assessment
6-1.1-3-17. Assessment List; Certification to County Auditor
6-1.1-3-18. Reports to County Assessors and Auditors; Copies of Returns
6-1.1-3-20. Change in Valuation; Notice
6-1.1-3-21. Preservation of Records; Inspection
6-1.1-3-22.5. Personal Property Tax; Depreciable Property; Year of Acquisition
6-1.1-3-23.5. Election of Valuation Method for Mini-Mill Equipment