Section 50 IAC 4.2-8-3 - Operating leasesAuthority: IC 6-1.1-31-1
Affected: IC 6-1.1-2-4
Sec. 3.
(a) Operating leases must be reported for assessment and taxation by the owner (lessor) of the personal property on Form 103 ( 50 IAC 4.2-2-9 ), Schedule A, in the taxing district where the property was situated as of the assessment date.(b) In addition to the reporting requirement stated in subsection (a), the owner is required to furnish a complete listing, on Form 103-O ( 50 IAC 4.2-2-9 ), of all their personal property that was the subject of an operating lease on the assessment date in each taxing district where the property is located showing the name and address of the person or persons in possession, model, description, location, quantities, date of installation, and value per this article reported for assessment and taxation.(c) The person holding, possessing, or controlling (lessee) tangible personal property subject to the conditions of an operating lease shall file and attach with their return in the taxing district where such property was situated a complete listing, on Form 103-N ( 50 IAC 4.2-2-9 ), of all not owned (leased) personal property. The listing must include the name and address of the owner (lessor), model, description, location, quantities on hand, date of installation, and value (if known) per this article.Department of Local Government Finance; 50 IAC 4.2-8-3; filed Dec 7, 1988, 9:35 a.m.: 12 IR 861, eff Mar 1, 1989; reinstated by IC 6-1.1-3-22, eff Jul 1, 2003; filed Feb 26, 2010, 2:43 p.m.: 20100324-IR-050090576FRA