ARTICLE 10. Finance
Section 1. (a) The General Assembly shall provide, by law, for a uniform
and equal rate of property assessment and taxation and shall prescribe
regulations to secure a just valuation for taxation of all property, both
real and personal. The General Assembly may exempt from property taxation
any property in any of the following classes:
(b) The General Assembly may exempt any motor vehicles, mobile homes,
airplanes, boats, trailers or similar property, provided that an excise
tax in lieu of the property tax is substituted therefor.
- (1) Property being used for municipal, educational, literary,
scientific, religious or charitable purposes;
- (2) Tangible personal property other than property being held for sale
in the ordinary course of a trade or business, property being held, used
or consumed in connection with the production of income, or property being
held as an investment;
- (3) Intangible personal property.
(History: As Amended November 8, 1966).
Section 2. All the revenues derived from the sale of any of the public
works belonging to the State, and from the net annual income thereof, and
any surplus that may, at any time, remain in the Treasury, derived from
taxation for general State purposes, after the payment of the ordinary
expenses of the government, and of the interest on bonds of the State,
other than Bank bonds; shall be annually applied, under the direction of
the General Assembly, to the payment of the principal of the Public
Section 3. No money shall be drawn from the Treasury, but in pursuance of
appropriations made by law.
Section 4. An accurate statement of the receipts and expenditures of the
public money, shall be published with the laws of each regular session of
the General Assembly.
Section 5. No law shall authorize any debt to be contracted, on behalf of
the State, except in the following cases: to meet casual deficits in the
revenue; to pay the interest on the State Debt; to repel invasion,
suppress insurrection, or, if hostilities be threatened, provide for the
Section 6. No county shall subscribe for stock in any incorporated
company, unless the same be paid for at the time of such subscription; nor
shall any county loan its credit to any incorporated company, nor borrow
money for the purpose of taking stock in any such company; nor shall the
General Assembly ever, on behalf of the State, assume the debts of any
county, city, town, or township; nor of any corporation whatever.
Section 7. No law or resolution shall ever be passed by the General
Assembly of the State of Indiana, that shall recognize any liability of
this State to pay or redeem any certificate of stock issued in pursuance
of an act entitled "An Act to provide for the funded debt of the State of
Indiana, and for the completion of the Wabash and Erie Canal to
Evansville," passed January 19th, 1846; and an act supplemental to said
act, passed January 29th, 1847, which, by the provisions of the said acts,
or either of them, shall be payable exclusively from the proceeds of the
canal lands, and the tolls and revenues of the canal, in said acts
mentioned, and no such certificates or stocks shall ever be paid by this
(History: Added February 18, 1873).
Section 8. The general assembly may levy and collect a tax upon income,
from whatever source derived, at such rates, in such manner, and with such
exemptions as may be prescribed by law.
(History: Added November 8, 1932).