Indiana Code Title 6. Taxation § 6-1.1-21.8-3

(1) a taxpayer with tangible property subject to taxation by the qualified taxing unit has filed a petition to reorganize under the federal bankruptcy code;

(2) the taxpayer has defaulted on one (1) or more of its property tax payments;

(3) the qualified taxing unit has experienced and will continue to experience a significant revenue shortfall as a result of the default;  and

(4) the taxpayer is a steel manufacturer.