Sec. 7. As used in this chapter, "income tax incremental amount" means the remainder of:
(1) the total amount of state adjusted gross income taxes paid by employees employed in the territory comprising the innovation development district with respect to wages and salary earned for work in the territory comprising the innovation development district for a particular state fiscal year; minus
(2) the sum of the:
(A) income tax base period amount; plus
(B) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in an innovation development district as the result of wages earned for work in the innovation development district for the state fiscal year;
as determined by the department of state revenue.
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