Sec. 5. (a) If a school building is sold to a charter school or state educational institution under section 3 or 4 of this chapter and the charter school or the state educational institution, or any subsequent owner, subsequently sells or transfers the school building to a third party, the charter school or state educational institution, or subsequent owner, must transfer an amount equal to the gain in the property minus the adjusted basis (including costs of improvements to the school building) to the school corporation that initially sold the vacant school building to the charter school or the state educational institution. Gain and adjusted basis shall be determined in the manner prescribed by the Internal Revenue Code and the applicable Internal Revenue Service regulations and guidelines.
(b) A charter school or state educational institution that purchases a school building assumes total control of the school building and must maintain the school building, including utilities, insurance, maintenance, and repairs. In the event a:
(1) charter school does not use the school building for classroom instruction; or
(2) state educational institution does not use the school building for an academic purpose;
within two (2) years after acquiring the school building, the school building shall revert to the school corporation, which may sell or otherwise dispose of the school building under IC 36-1-11.
As added by P.L.270-2019, SEC.13. Amended by P.L.155-2021, SEC.5.