50 Ind. Admin. Code 10-1-9

Current through September 4, 2024

Section 50 IAC 10-1-9 - "Statement of benefits" defined

Authority: IC 6-1.1-12.1-13; IC 6-1.1-31-1

Affected: IC 6-1.1-12.1-4.5

Sec. 9.

(a) "Statement of benefits" means the document or form on which the property owner submits information to the designating body. The statement of benefits form is prescribed by the department. The department has prescribed SB-1 forms for taxpayers to use as the statement of benefits form. These forms are as follows:

(1) Form SB-1/PP, Statement of Benefits - Personal Property (State Form 51764).

(2) Form SB-1/Real Property, Statement of Benefits - Real Estate Improvements (State Form 51767).

(3) Form SB-1/UD, Statement of Benefits - Utility Distributable Property (State Form 52446).

(4) Form SB-1/VBD, Statement of Benefits - Vacant Building Deduction (State Form 55182).

(b) The statement of benefits may be incorporated into the designation application with approval of department.

(c) The statement of benefits must contain information concerning the proposed redevelopment or rehabilitation of real property, the occupancy of an eligible vacant building, or the installation of new eligible equipment, including the following:

(1) A description of the proposed project related to the redevelopment or rehabilitation of real property, the occupancy of an eligible vacant building, or the installation of new eligible equipment.

(2) The location of the property within the proposed project.

(3) An estimate of the number of individuals who will be employed or whose employment will be retained by the person as a result of the project.

(4) An estimate of the salaries of the individuals who will be employed or whose employment will be retained by the person as a result of the project.

(5) An estimate of the cost and assessed value of the project.

(6) With respect to new eligible equipment used to dispose of solid waste or hazardous waste by converting the solid waste or hazardous waste into energy or other useful products, an estimate of the amount of solid waste or hazardous waste that will be converted into energy or other useful products by the new eligible equipment.

(7) If required by the designating body, information concerning other benefits to be provided by the property owner as a result of the project.

(d) For statements of benefits approved after June 30, 2013, the designating body shall establish an abatement schedule for each deduction allowed under IC 6-1.1-12.1.

50 IAC 10-1-9

Department of Local Government Finance; 50 IAC 10-1-9; filed Feb 8, 1996, 5:30 p.m.: 19 IR 1296; filed Dec 21, 2000, 2:11 p.m.: 24 IR 1304

Filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA