1. (a) A person may apply for an assessed valuation deduction for:

   1. (1) real property; and

   2. (2) personal property;

      located in an area designated as a brownfield revitalization zone.

2. (b) An application for a deduction for an improvement to a brownfield revitalization zone or personal property located in a brownfield revitalization area must:

   1. (1) be submitted to the designating body before the date that the improvement is initiated or, if the deduction is for personal property, the property is brought into the area;
   2. (2) contain sufficient information for the designating body to approve the deduction; and
   3. (3) be submitted in the form prescribed by the department of local government finance.

As added by P.L.59-1997, SEC.1. Amended by P.L.90-2002, SEC.283; P.L.146-2008, SEC.302.