50 IAC 5.1-10-2 - General reporting requirements
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 2.
(a) In
completing the annual report, a public utility company shall make a complete
disclosure of all information relating to leased property that it owns, holds,
possesses, or controls.
(b) If a
public utility company holds, possesses, controls, or occupies leased property,
the public utility company shall make a full disclosure, on the forms provided
by the department, of such property and information relating to that property.
The required information shall include the name and address of the owner,
model, description, location, quantities on hand, date of installation, value
(if known) as required by this article, and any other information requested on
the appropriate form. If the leased property is distributable property, the
public utility company shall disclose such property on the appropriate form in
its annual report to the department.
(c) Failure by a public utility company to
properly disclose property that it holds, possesses, or controls will result in
the assessment of the property to the public utility company. See, State Board
of Tax Commissioners v. Jewell Grain Company, 556 N.E.2d 920 (Ind.
1990).
(d) Information is required
to be submitted by the holder, possessor, or controller even if the owner is
liable for the taxes under a contract to ensure that the assessing official has
the necessary information to correctly assess the property in
question.
(e) Both the lessor (the
owner) and the lessee (the holder, possessor, or controller) have specific
reporting requirements. The purpose of these dual reporting requirements is to
ensure that property is disclosed to the local assessing officials who will
ensure that the property is assessed.
Notes
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