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.