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                STATEMENT OF BENEFITS                                                                            FORM  SB-1 / AG PP 
                PERSONAL PROPERTY – NEW FARM EQUIPMENT                                                           PRIVACY NOTICE 
                State Form 57226 3 ( -23)                                                            Any information  concerning the  cost of  the property 
                Prescribed by the Department of Local Government Finance                             and specific salaries paid to individual employees by 
                                                                                                     the property owner is confidential by IC 6-1.1-12.1-1.1. 
INSTRUCTIONS: 
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information
from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be submitted to the
designating body BEFORE a person install the new farm equipment for which the person wishes to claim a deduction.
2. The statement of benefits form must be submitted to the designating body and the area designated as an economic revitalization area before the installation of
qualifying abatable equipment for which the person desires to claim a deduction.
3. To obtain a deduction, a person must file a certified deduction schedule with the person’s personal property return on a certified deduction schedule (Form 102-
ERA) with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor for the township. The
Form 102-ERA must be filed between January 1 and May 15 of the assessment year in which new farm equipment is installed and fully functional, unless a filing
extension has been obtained. A person who obtains a filing extension must file the form between January 1 and the extended due date for that year.
4. Property owners whose Statement of Benefits was approved, must submit Form CF-1/AG PP annually to show compliance with the Statement of Benefits.
(IC 6-1.1-12.1-5.6) 
5. For a Form SB-1/AG PP that was approved after June 30, 2022, the designating body is required to establish an abatement schedule for each deduction allowed.
An abatement schedule for new farm equipment may not exceed five (5) years. (IC 6-1.1-12.1-17) 

SECTION 1                                                              TAXPAYER INFORMATION 
Name of Taxpayer 

Address of Taxpayer (number and street, city, state, and ZIP code) 

Name of Contact Person                                                          Telephone Number                 Email Address 
                                                                                (         )
SECTION 2                                 LOCATION AND DESCRIPTION OF PROPOSED PROJECT 
Name of Body Designating                                                                                         Resolution Number 

Location of Property                                                            County                           DLGF Taxing District Number 

Description of New Farm Equipment (Use additional sheets if necessary)                                                 ESTIMATED 
                                                                                                       START DATE              COMPLETION DATE 
                                                                                New Farm Equipment 

Will this equipment be used in the direction production, extraction, harvesting, or processing of    ☐ Yes       ☐ No
agricultural commodities for sale on land classified as agricultural land for property tax purposes? 
SECTION 3                                 ESTIMATE OF EMPLOYEES AND SALARIES FROM PROPOSED PROJECT 
Current Number             Salaries             Number Retained                 Salaries             Number Additional  Salaries 

SECTION 4                                 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT 
NOTE: Pursuant to IC 6-1.1-12.1-5.1(d)(2) the cost of the property is                                NEW FARM EQUIPMENT 
confidential.                                                                                  COST                    ASSESSED VALUE 
Current Values                                                                  $                                $ 
Plus Estimated Values of Proposed Project                                       $                                $ 
Less Values of Any Property Being Replaced                                      $                                $ 
Net Estimated Values Upon Completion of Project                                 $                                $ 
SECTION 5                                 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER 
Estimated Solid Waste Converted (pounds) __________________________  Estimated Hazardous Waste Converted (pounds) _____________________ 
Other Benefits: 

SECTION 6                                                          TAXPAYER CERTIFICATION 
I hereby certify that the representations in this schedule are true. 
Signature of Authorized Representative                                                               Date Signed (month, day, year) 

Printed Name of Authorized Representative                                       Title 

                                                                         Page 1 of 2 

                                                      FOR USE OF THE DESIGNATING BODY 

We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards 
adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as 
authorized under IC 6-1.1-12.1-2. 

A. The designated area has been limited to a period of time not to exceed _______________ calendar years* (see below). The date this designation
expires is _________________________. NOTE: This question addresses whether the resolution contains an expiration date for the designated area.
B. The type of deduction that is allowed in the designated area is limited to the installation of New Farm Equipment.

C. The amount of the deduction applicable to new farm equipment is limited to $_____________________ cost with an assessed value of
$______________________. (One or both lines may be filled out to establish a limit, if desired.)
D. Other Limitations or Conditions (specify) ______________________________________________________________________________
E. The deduction for New Farm Equipment installed and first claimed as eligible for the deduction is allowed for:

                         ☐ Year 1           ☐ Year 2             ☐ Year 3          ☐ Year 4               ☐ Year 5
F. For a Statement of Benefits approved after June 30, 2022, did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17?
                         ☐ Yes              ☐ No
If yes, attach a copy of the abatement schedule to this form. 
If no, the designating body is required to establish an abatement schedule before the deduction can be determined. 
Also, we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have 
determined that the totality of benefits is sufficient to justify the deduction described above. 
Approved By: (signature)                                               Title of Authorized Member of Designating Body 

Email Address                                         Telephone Number                            Date Signed (month, day, year) 
                                                      (         )
Printed Name of Authorized Member of Designating Body                  Name of Designating Body 

Attested By: (signature)                                               Printed Name of Attester 

* If the designating body limits the time period during which an area is an economic revitalization area, that limitation does not limit the length of time a
taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17.

Abatement Schedules – New Farm Equipment (IC 6-1.1-12.1-17) 
For a statement of benefits approved after June 30, 2022, a designating body shall establish an abatement schedule for 
each deduction allowed. An abatement schedule must specify the percentage amount of the deduction for each year of 
the deduction. An abatement schedule is based on the following factors: 
(1) The total amount of the taxpayer’s investment in real and personal property.
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state minimum wage.
(4) The infrastructure requirements for the taxpayer’s investment.
(5) In the case of a deduction for new farm equipment or new agricultural improvement, an agreement by the deduction
applicant to predominately use the area for agricultural purposes for a period specified by the designating body.

For a statement of benefits approved after June 30, 2022, a designating body shall establish an abatement schedule for 
each deduction allowed. An abatement schedule must specify the percentage amount of the deduction for each year of 
the deduction. An abatement schedule for new farm equipment or new agricultural improvement may not exceed five (5) 
years. 

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