Determination by director to abate account; petition to state board of tax appeals, contents; determination by board; order of abatement

(a) Whenever the director of property valuation shall determine that it is advisable to abate motor carrier ad valorem tax liabilities determined to be uncollectable accounts, the director shall file a petition with the state board of tax appeals setting forth: (1) The name of the debtor; (2) the year in which the tax is due; (3) the amount of the obligation; (4) a review or statement of actions taken to collect such taxes; and (5) one or more of the grounds for abatement as prescribed by this section. (b) The state board of tax appeals, within 60 days after the petition is filed by the director of property valuation, may approve or disapprove of the abatement of any motor carrier ad valorem tax liability submitted by the director. The director shall prepare an order abating any tax liability, as approved by the state board of tax appeals, upon receiving notice of such approval. The director shall prepare an order abating any tax liability submitted to and not specifically disapproved by the state board of tax appeals within 60 days of the filing of the petition to abate such tax liability. A list of all tax liabilities abated under this section shall be preserved as a public record.