50 IAC 10-2-3 Limitations permitted upon designation

Sec. 3. (a) In declaring an area to be an economic revitalization area, the designating body may place certain limitations or conditions on the economic revitalization area as outlined in IC 6-1.1-12.1-2, including: (1) a limitation on the length of time that the area shall be designated as an economic revitalization area; (2) a limitation on the dollar amount of the allowable deduction; or (3) a determination of what happens when a limitation or condition is not met. The designating body must specify the limitation or condition in the preliminary resolution. (b) However, the limitations or conditions imposed by the designating body may not be applied to the economic revitalization area retroactively. (c) The preliminary resolution must contain the number of years the area is designated as an economic revitalization area and the percentage amount of the deduction for each year of the deduction.