1. (a) As used in this section, "depreciable personal property" refers to all of the designated taxpayer's depreciable personal property that is located in the allocation area.

2. (b) As used in this section, "designated taxpayer" means a taxpayer designated by the commission in a declaratory resolution adopted or amended under section 8 or 10.5 of this chapter, and with respect to which the commission finds that:

   1. (1) taxes to be derived from the taxpayer's depreciable personal property in the allocation area, in excess of the taxes attributable to the base assessed value of that personal property, are needed to pay debt service for bonds issued under section 17 of this chapter or to make payments on leases payable under section 17.1 of this chapter in order to provide local public improvements for a particular allocation area;
   2. (2) the taxpayer's property in the allocation area will consist primarily of industrial, manufacturing, warehousing, research and development, processing, distribution, transportation, or convention center hotel related projects or regulated amusement devices (as defined in IC 22-12-1-19.1 ) and related improvements; and

   3. (3) the taxpayer's property in the allocation area will not consist primarily of retail, commercial, or residential projects, other than an amusement park or tourism industry project.

      For purposes of subdivision (3), a convention center hotel project is not considered a retail, commercial, or residential project.

3. (c) The allocation provision of a declaratory resolution may modify the definition of "property taxes" under section 26(a) of this chapter to include taxes imposed under IC 6-1.1 on the depreciable personal property of designated taxpayers in accordance with the procedures and limitations set forth in this section and section 26 of this chapter. If such a modification is included in the resolution, for purposes of section 26 of this chapter the term "base assessed value" with respect to the depreciable personal property of designated taxpayers means, subject to section 26(j) of this chapter, the net assessed value of the depreciable personal property as finally determined for the assessment date immediately preceding:

   1. (1) the effective date of the modification, for modifications adopted before July 1, 1995; and

   2. (2) the adoption date of the modification for modifications adopted after June 30, 1995;

      as adjusted under section 26(h) of this chapter.

As added by P.L.41-1992, SEC.8. Amended by P.L.25-1995, SEC.90; P.L.234-2007, SEC.205; P.L.172-2011, SEC.153; P.L.214-2019, SEC.40; P.L.257-2019, SEC.127.