Sec. 42. (a) A corporation that is: (1) nonprofit; and (2) participates in the small business incubator program under IC 5-28-21 ; is exempt from property taxation to the extent of tangible property used for small business incubation. (b) A corporation that wishes to obtain an exemption from property taxation under this section must file an exemption application under IC 6-1.1-11 .
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