As used in this chapter, "qualified investment" means the amount of a taxpayer's expenditures that is:

1. (1) for redevelopment or rehabilitation of property located within a community revitalization enhancement district designated under IC 36-7-13 ;
2. (2) made under a plan adopted by an advisory commission on industrial development under IC 36-7-13 ; and

3. (3) approved by the Indiana economic development corporation before the expenditure is made.

   Beginning after December 31, 2015, the term does not include a taxpayer's expenditures made on property that is classified as residential for property tax purposes, except for expenditures that were approved by the Indiana economic development corporation before January 1, 2016.

As added by P.L.125-1998, SEC.3. Amended by P.L.4-2005, SEC.94; P.L.250-2015, SEC.28.