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HomeMy WebLinkAboutChemtrusion, Inc. STATEMENT OF BENEFITS Form S8- 1 is presctc~d by me State 8oar~ of Tax Commissione~'$. 1989 ISTRUCTIONS: 1. This statement must be submll~ed tO the b~dy des~gnating tt~e ec~n~mic revifillzafi~n area pri~r t~ the ~ub~ic hearing if the designating body requirI mat/on from the applicant in making Irs decision aoout wnelller to designate an Economic Revitalization Area. Otherwise tills statement must be su to the designating D~dy BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment Or renabllitallon of real prog wi~ich tl~e person wishes to claim a dequction. A statement of benefits is not re~Tuirecl if the area was designated an ERA prior to July I, 1987 "project' was planned and committed to by the applicant, and a~proved by the designating bodY, prior to that date. "Projects" planned of comm~ed July 1, 1987 and areas designated after July I, 1987 require a STATEMENT OF BENEFITS. (lC 6-1. I * 12. I) 2. Approval of the designating ~ody (City Council, Town Board, County Council, etc.) must de obtained pHor to initiation of the redevelopment or rehab, or pr/or to installation of the new manufacturing eduipmant, BEFORE a cleduction say be apprOved. 3. To oota/n a deduction, Form 322 ERA, F~eal Estate tmorovements and / or Form 322 ERA / P~,, NeW Machineo4, must be filed with the county auditc resgect to real property. Form 322 ERA must be filed by the la tar df: ( I ) May 1 O; or (2) thirty (30) days after a notice of increase in real property essa ~ received from the townslTip assessor. Form 322 ERA / PP must be filed between MaroJ3 I and May 15 of the assessment year in wt~ich new m luring equipment is installed, unless a filing extension has Dean obtained. A person who obtains ~ filing exlension must file the form between Marc~ June 14 of tibet year. 4, property owners wltose Staternent of Banefits was approved after July l, 199t must suPmit Form CF. t annually to show compliance with the State Benefits. (IC6.1.1.12.1.5.6) Telephone number I L~tion o propertT/ . County / Taxinq district F~mated starting date DesCription of real property improvements and / or new man,factoring equipment to be ~cq~ired (usa additional sheets if necessary) ' ~.~,~7~"~* z~l~ /)~r~~$ ~ o ~ /le~ ~xtrt~ 5/'0~? fistimatedcompletiondate · . , . , . Cost Assessed Value Cost Current values plus estimated va!ues of proposed projec~ i 7 76., &E? Less values of any property being replaced Net estimated values upon completion of project I [ here0y certify that the representations in this statement are true. T~tle date signed (month, Cay, year) We have reviewed our pnor actions relating to the designation of this economic revitalization area and find that the applicant meets t genera standards adopted in the resolution previously approved by this body. Said resolution, passed under lC 6-1.1-12.1-2.5, p~ vides for the following limitations as authorized under lC 6-1.1-12.1-2. A. The designated area has Peen limited to a period of time not to exceed, calendar years designation expires is B. The type of deduction that is allowed in the ~esignated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; [] Yes I'~ No 2. Installation of new manufacturing equipment; [~ Yes ~ No 3. Residentially distressed areas [] Yes I"-t No C, The amount of deduction applicable for pew manufacturing equipment installed and first claimed eligible for deduction after July 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limited $ cost with an assessed value of $ E. Other [imitations or conditions (specify) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1; 1991is allowed f( [] 5 years [] 10 years Also we have reviewed the information contained in the statement Of benefits and find that the estimates and expectations are reasc able and have determined that the totality of benefits is sufficient to justify the deduction described above, Approved: (signature and title of authorized member) Telephone number Date signed (month, day, year) Atlested by: Oes~gnated I~oOy · If the designating body limits the time period during which an area is an economic revitilization area, it does not limit the length of tlr a taxpayer is entitled to receive a deduction to a number of /ears designated under lC 6-1.1-12.1 -4 or 4.5 Namely: (see tables bolo Year of I Five (5) Year Deduction I Percentage I st 100% 95% 60% Ten (10) Year Percentage 100% 2nd 95% 3rd 90% 4th 65% 85% i 5th 50% 80% 6th 70% 7th 55% 8th 40% 9th 10th 30% 25% Year of Three (3) Year Six (6) Year Ten (10) Ye Deduction Deduction Deduction Deductior 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 34% 50% 5th 6th 4O% 10th 17% 7th 3O% 8th 20% 9th 10% 5%