Section 50IAC10-3-2. Filing procedures for the deduction for new manufacturing equipment and/or research and development equipment

   (a) A person who desires to obtain the economic revitalization area deduction for new manufacturing equipment and/or research and development equipment must file a certified deduction application on forms prescribed by the state board, in duplicate, with the auditor of the county in which the new manufacturing equipment and/or research and development equipment is located. A person who timely files a personal property return under IC 6-1.1-3-7(a) for the year in which the new manufacturing equipment and/or research and development equipment is installed must file the application between March 1 and May 15 of that year. A person who obtains a filing extension under IC 6-1.1-3-7(b) for the year in which the new manufacturing equipment and/or research and development equipment is installed must file the application between March 1 and June 14 of that year.

  (b) The county auditor shall forward a file-marked copy of the deduction application to the state board within ten (10) days of receipt.

  (c) The state board has prescribed Form 322 ERA/PPME, Application for Deduction from Assessed Valuation New Manufacturing Equipment in Economic Revitalization Area (State Form 19338), as the form on which the economic revitalization area deduction for the installation of new manufacturing equipment shall be claimed and Form 322 ERA/PPR&DE, Application for Deduction from Assessed Valuation New Research and Development Equipment in Economic Revitalization Area, as the form on which the economic revitalization area deduction for the installation of new research and development equipment shall be claimed.

  (d) A deduction application for new manufacturing equipment must be filed under this section in the year in which the new manufacturing equipment is installed and in each of the immediately following four (4) or nine (9) years in an economic revitalization area designated prior to July 1, 2000. A deduction application for new manufacturing equipment and/or research and development equipment must be filed under this section in the year in which the new manufacturing equipment and/or research and development equipment is installed and in each of and the immediate following second through ninth years, whichever is applicable, in an economic revitalization area designated after June 30, 2000.

  (e) The state board shall review and verify the correctness of each deduction application and shall notify the county auditor of the county in which the property is located that the deduction application is approved or denied or that the amount of the deduction is altered. Upon notification of approval of the deduction application or of alteration of the amount of the deduction, the county auditor shall make the deduction. (Department of Local Government Finance; 50 IAC 10-3-2; filed Feb 8, 1996, 5:30 p.m.: 19 IR 1298; filed Dec 21, 2000, 2:11 p.m.: 24 IR 1306)