1. (a) A corporation that is:

   1. (1) nonprofit; and

   2. (2) participates in the small business incubator program under IC 5-28-21 ;

      is exempt from property taxation to the extent of tangible property used for small business incubation.

2. (b) A corporation that wishes to obtain an exemption from property taxation under this section must file an exemption application under IC 6-1.1-11 .

As added by P.L.178-2002, SEC.14. Amended by P.L.4-2005, SEC.35.