Indiana 2022 Regular Session Status: In Committee 2 R cosponsors

SB 378 — Assessment of business personal property.

Last action — First reading: referred to Committee on Tax and Fiscal Policy

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Increases the acquisition cost threshold for the business personal property tax exemption from $80,000 to $250,000. Provides an exemption for business personal property regardless of the acquisition cost that applies only if the property is placed in service in calendar year 2023. Allows the exemption for the entire useful life of the property. Requires the department of local government finance to adopt rules to amend the Indiana Administrative Code to reduce the minimum valuation percentage for depreciable personal property from 30% to 27.5% for the 2023 assessment date, and to 25% for assessment dates beginning in 2024 and thereafter. Amends the county option exemption for business personal property to allow counties to adopt an exemption ordinance that applies only to the first five year period after new business personal property is placed in service and that would require the personal property to be placed back on the tax rolls beginning in the sixth year of its useful life. Makes conforming changes.

Bill Text

We don't have the full text on file for this bill yet.

Read SB 378 on the official Indiana source →

Action History

  1. First reading: referred to Committee on Tax and Fiscal Policy

  2. Authored by Senators Buchanan and Rogers

Sponsors

Sponsorship breakdown

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2 sponsors · 0 co-sponsors · 148 not signed on

Sponsors (2)

Co-sponsors (0)

None.

Not signed on (148)

148 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation
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Frequently asked questions

What does SB 378 do?
Increases the acquisition cost threshold for the business personal property tax exemption from $80,000 to $250,000. Provides an exemption for business personal property regardless of the acquisition cost that applies only if the property is placed in service in calendar year 2023. Allows the exemption for the entire useful life of the property. Requires the department of local government finance to adopt rules to amend the Indiana Administrative Code to reduce the minimum valuation percentage for depreciable personal property from 30% to 27.5% for the 2023 assessment date, and to 25% for assessment dates beginning in 2024 and thereafter. Amends the county option exemption for business personal property to allow counties to adopt an exemption ordinance that applies only to the first five year period after new business personal property is placed in service and that would require the personal property to be placed back on the tax rolls beginning in the sixth year of its useful life. Makes conforming changes.
Who sponsors SB 378?
SB 378 is sponsored by Brian Buchanan (Republican) and Linda Rogers (Republican).
What is the current status of SB 378?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 378?
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Last checked for changes 3 months ago · updated continuously

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