Sec. 18. (a) Before the first business day in October of each year, the department of state revenue shall calculate the income tax incremental amount and the gross retail incremental amount for the preceding state fiscal year for each innovation development district designated under this chapter.
(b) Taxpayers operating in an innovation development district shall report annually, in the manner and form prescribed by the department of state revenue, information that the department of state revenue determines necessary to calculate the net increment.
(c) A taxpayer operating in an innovation development district that files a consolidated tax return with the department of state revenue shall also file annually an informational return with the department of state revenue for each business location of the taxpayer within the innovation development district.
(d) If a taxpayer fails to report the information required by this section or file an informational return required by this section, the department of state revenue shall use the best information available in calculating the income tax incremental amount and gross retail incremental amount.
(e) The department of state revenue shall transfer the amount calculated as provided in subsection (a) to the applicable local innovation development district fund established for the innovation development district under section 19 of this chapter by November 1 of each year.
As added by P.L.135-2022, SEC.28.
Structure Indiana Code
Article 7. Planning and Development
Chapter 32.5. Innovation Development Districts
36-7-32.5-1. "Base Assessed Value"
36-7-32.5-4. "Gross Retail Base Period Amount"
36-7-32.5-5. "Gross Retail Incremental Amount"
36-7-32.5-6. "Income Tax Base Period Amount"
36-7-32.5-7. "Income Tax Incremental Amount"
36-7-32.5-11. Term of Designation of an Innovation Development District
36-7-32.5-12. Agreement; Required Provisions; Executive Session; Written Report
36-7-32.5-13. Allocation Area Designation
36-7-32.5-14. Allocation of Tax Proceeds; Allocation of Excess Assessed Value
36-7-32.5-15. Agreement With Taxpayer; Exemption of Property From Taxation
36-7-32.5-16. Administrative Rules; Neutralization of Effect of Reassessment or Annual Adjustment
36-7-32.5-18. Tax Incremental Amount Calculations; Transfer of Tax Incremental Amounts
36-7-32.5-20. Statewide Innovation Development District Fund; Administration; Use of Money in Fund