Sec. 14. (a) Before the first business day in October of each year, the department shall calculate the income tax incremental amount and the gross retail incremental amount for the preceding state fiscal year for each district designated under this chapter.

     (b) Businesses operating in the district shall report annually, in the manner and in the form prescribed by the department, information that the department determines necessary to calculate incremental gross retail, use, and income taxes. A taxpayer operating in the district that files a consolidated tax return with the department also shall file annually an informational return with the department for each business location of the taxpayer within the district. If a taxpayer fails to report the information required by this section or file an informational return required by this section, the department shall use the best information available in calculating the incremental gross retail, use, and income taxes.

Terms Used In Indiana Code 36-7-13-14

  • district: refers to a community revitalization enhancement district designated under section 10. See Indiana Code 36-7-13-1.6
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • gross retail incremental amount: means the remainder of:

    Indiana Code 36-7-13-2.6

  • income tax incremental amount: means the remainder of:

    Indiana Code 36-7-13-3.4

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) Not later than sixty (60) days after receiving a certification of a district’s modified boundaries under section 12.5(c) of this chapter, the department shall recalculate the income tax incremental amount and the gross retail incremental amount for the preceding state fiscal year for a district modified under section 12.5 of this chapter.

As added by P.L.125-1998, SEC.18. Amended by P.L.81-2004, SEC.38 and P.L.90-2004, SEC.11; P.L.199-2005, SEC.35; P.L.113-2010, SEC.132; P.L.172-2011, SEC.145; P.L.261-2013, SEC.42.

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