Sec. 10.7. (a) This section applies to a district designated under section 10.5 of this chapter and approved by the budget agency before January 1, 2002, in a city having a population of more than twenty-eight thousand (28,000) and less than twenty-nine thousand (29,000).
(b) An area is added to and becomes part of a district described in subsection (a) if the area consists of property that:
(1) is located in a city having a population of more than twenty-eight thousand (28,000) and less than twenty-nine thousand (29,000); and
(2) experienced a loss of at least three hundred (300) jobs during the calendar year ending December 31, 2001.
(c) After the addition of property to a district described in subsection (a) under this section, the gross retail base period amount determined under section 2.4 of this chapter for the district before the addition of the property to the district under this section shall be increased by an amount equal to:
(1) the aggregate amount of state gross retail and use taxes remitted:
(A) under IC 6-2.5 by the businesses operating in the area added to the district under subsection (b); and
(B) during the period beginning after December 31, 2001, and ending before February 1, 2002; multiplied by
(2) twelve (12).
(d) After the addition of property to a district described in subsection (a) under this section, the income tax base period amount determined under section 3.2 of this chapter for the district before the addition of the property to the district under this section shall be increased by an amount equal to:
(1) the aggregate amount of state and local income taxes paid:
(A) by employees employed in the area added to the district under subsection (b) with respect to wages and salary earned for work in the area added; and
(B) during the period beginning after December 31, 2001, and ending before February 1, 2002; multiplied by
(2) twelve (12).
(e) The addition of property to a district under this section does not require adoption of an ordinance, review by the budget committee, or approval of the budget agency under section 10.5 of this chapter.
As added by P.L.178-2002, SEC.119. Amended by P.L.119-2012, SEC.204; P.L.104-2022, SEC.185.
Structure Indiana Code
Article 7. Planning and Development
Chapter 13. Industrial Development
36-7-13-1. Application of Chapter
36-7-13-2.4. "Gross Retail Base Period Amount"
36-7-13-2.6. "Gross Retail Incremental Amount"
36-7-13-3. "Improve"; Authority to Acquire, Own, and Deal in Real Property; Expenditure of Funds
36-7-13-3.2. "Income Tax Base Period Amount"
36-7-13-3.4. "Income Tax Incremental Amount"
36-7-13-3.8. "State and Local Income Taxes"
36-7-13-4. Industrial Development Fund; Tax Levy
36-7-13-5. Advisory Commission on Industrial Development; Creation; Membership; Duties
36-7-13-5.5. Sales or Leases of Property Acquired for Industrial Development
36-7-13-6. Industrial Development Fund; Payments and Deposits
36-7-13-7. Title to Real Property
36-7-13-8. Property Acquired by or From Unit; No Tax Exemption
36-7-13-9. Transfer of Surplus Funds; Cessation of Tax Levy
36-7-13-10. Application for Designation of District
36-7-13-10.1. Application for Designation of District in First or Second Class City
36-7-13-12.3. Designation of Districts After 2010; Requirements
36-7-13-14. Tax Incremental Amount Calculations; District Business Duties
36-7-13-15. Incremental Tax Financing Funds
36-7-13-16. Issuance of Bonds or Other Obligations
36-7-13-17. Pledge of Money in Industrial Development Fund
36-7-13-18. Goals or Benchmarks for Property Development or Redevelopment
36-7-13-19. Termination of District
36-7-13-20. Covenant Not to Adversely Affect Owners of Bonds or Obligations
36-7-13-21. Written Agreements for Joint Economic Development Projects
36-7-13-22. Terms of Written Agreement for Joint Economic Development Project