Indiana Code 36-7-13-3.4. “Income tax incremental amount”
(1) the aggregate amount of state and local income taxes paid by employees employed in a district with respect to wages earned for work in the district for a particular state fiscal year; minus
Terms Used In Indiana Code 36-7-13-3.4
- 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.
- income tax base period amount: means :
Indiana Code 36-7-13-3.2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- state and local income taxes: means taxes imposed under any of the following:
Indiana Code 36-7-13-3.8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) income tax base period amount; and
(B) tax credits awarded by the economic development for a growing economy board under IC 6-3.1-13 to businesses operating in a district as the result of wages earned for work in the district for the state fiscal year;
as determined by the department of state revenue under section 14 of this chapter.
(b) For purposes of a district designated under section 12.1 of this chapter, “income tax incremental amount” means seventy-five percent (75%) of the amount described in subsection (a).
As added by P.L.125-1998, SEC.8. Amended by P.L.224-2003, SEC.235; P.L.199-2005, SEC.30.