Authority: IC 6-1.1-8-42; IC 6-1.1-31-1

Affected: IC 6-1.1-8-26

Sec. 5. (a) The holder, possessor, or controller (lessee) of locally assessed leased property subject to a capital lease is primarily responsible for the reporting of the locally assessed leased property for assessment and taxation.

(b) If the holder, possessor, or controller of the locally assessed leased property is a public utility company and the locally assessed leased property is subject to a capital lease, the locally assessed leased property shall be assessed in the following manner:

1. (1) The holder, possessor, or controller shall disclose and report the locally assessed leased property on the designated form included with its annual report to the department. In completing the designated form, the holder, possessor, or controller shall include all of the information required by the form.
2. (2) The owner (lessor) of locally assessed leased property subject to a capital lease is required to disclose the existence of the leased property to the department and local assessing officials. The owner shall disclose the locally assessed leased property on the designated form. In completing the designated form, the owner shall include all of the information required by the form.

(Department of Local Government Finance; 50 IAC 5.1-10-5; filed Dec 15, 1993, 5:00 p.m.: 17 IR 966; reinstated by IC 6-1.1-8-44, eff Jul 1, 2003; filed Nov 2, 2020, 9:34 a.m.: 20201202-IR-050190636FRA; readopted filed Oct 21, 2025, 9:19 a.m.: 20251112-IR-050240632RFA)