Sec. 21. (a) Except as provided in subsection (b), money in the statewide innovation development district fund established by section 20 of this chapter at the end of the state fiscal year does not revert to the state general fund.
(b) Notwithstanding subsection (a), if the unobligated balance of the statewide innovation development district fund established by section 20 of this chapter exceeds five hundred million dollars ($500,000,000) at the close of any state fiscal year, the amount of funds in excess of five hundred million dollars ($500,000,000) shall be transferred to the state general fund.
(c) Money in the fund is continuously appropriated for the purposes of this chapter.
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