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03-14-16 Council Packet & Agenda
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03-14-16 Council Packet & Agenda
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Page 2 of 2 <br />FOR USE OF DESIGNATING c.. <br />We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution, passed or to be passed <br />under IC 6 -1.1 -12.1, provides for the following limitations: <br />A. The designated area has been limited to a period of time not to exceed calendar years" (see below). The date this designation <br />expires is <br />B. The type of deduction that is allowed in the designated area is limited to: <br />1. Redevelopment or rehabilitation of real estate improvements ❑ Yes ❑ No <br />2. Residentially distressed areas ❑ Yes ❑ No <br />C. The amount of the deduction applicable is limited to $ <br />D. Other limitations or conditions (specify) <br />E. Number of years allowed: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (*see below) <br />❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 <br />F. For a statement of benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6 -1.1- 12.1 -17? <br />❑ Yes ❑ No <br />If yes, attach a copy of the abatement schedule to this form. <br />If no, the designating body is required to establish an abatement schedule before the deduction can be determined. <br />We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have <br />determined that the totality of benefits is sufficient to justify the deduction described above. <br />Approved (signature and title of authorized member of designating body) <br />Telephone number <br />Date signed (month, day, year) <br />Printed name of authorized member of designating body <br />Name of designating body <br />Attested by (signature and title of attester) <br />Printed name of attester <br />If the designating body limits the time period during which an area is an economic revitalization area, that limitation does not limit the length of time a <br />taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6 -1.1- 12.1 -17. <br />A. For residentially distressed areas where the Form SBA /Real Property was approved prior to July 1, 2013, the deductions established in IC <br />6- 1.1- 12.1 -4.1 remain in effect. The deduction period may not exceed five (5) years. For a Form SBA /Real Property that is approved after June 30, <br />2013, the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten <br />(10) years. (See IC 6 -1.1- 12.1 -17 below.) <br />B. For the redevelopment or rehabilitation of real property where the Form SBA/Real Property was approved prior to July 1, 2013, the abatement <br />schedule approved by the designating body remains in effect. For a Form SBA /Real Property that is approved after June 30, 2013, the designating <br />body is required to establish an abatement schedule for each deduction allowed. (See IC 6 -1.1- 12.1 -17 below.) <br />IC 6 -1.1- 12.1 -17 <br />Abatement schedules <br />Sec. 17. (a) A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under <br />section 4 or 4.5 of this chapter an abatement schedule based on the following factors: <br />(1) The total amount of the taxpayer's investment in real and personal property. <br />(2) The number of new full -time equivalent jobs created. <br />(3) The average wage of the new employees compared to the state minimum wage. <br />(4) The infrastructure requirements for the taxpayer's investment. <br />(b) This subsection applies to a statement of benefits approved after June 30, 2013. A designating body shall establish an abatement schedule <br />for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of <br />the deduction. An abatement schedule may not exceed ten (10) years. <br />(c) An abatement schedule approved for a particular taxpayer before July 1, 2013, remains in effect until the abatement schedule expires under <br />the terms of the resolution approving the taxpayer's statement of benefits. <br />Page 2 of 2 <br />
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