Indiana Code 36-7-32-22. Incremental tax financing fund; deposits; distributions
(b) Subject to subsection (c), the following amounts shall be deposited during each state fiscal year in the incremental tax financing fund established for a certified technology park under subsection (a):
Terms Used In Indiana Code 36-7-32-22
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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 36-7-32-6.5
- income tax incremental amount: means the following:
Indiana Code 36-7-32-8.5
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) Except as provided in subdivision (3), the aggregate amount of the following taxes paid by employees employed in the certified technology park with respect to wages earned for work in the certified technology park, until the amount deposited equals the income tax incremental amount as defined in section 8.5(1) of this chapter:
(A) The adjusted gross income tax.
(B) The local income tax (IC 6-3.6).
(3) In the case of a certified technology park to which subsection (e) applies, the amount determined under subsection (e), if any.
(c) Except as provided in subsections (d) and (e), not more than a total of five million dollars ($5,000,000) may be deposited in a particular incremental tax financing fund for a certified technology park over the life of the certified technology park.
(d) Except as provided in subsection (e), in the case of a certified technology park that is operating under a written agreement entered into by two (2) or more redevelopment commissions, and subject to section 26(b)(4) of this chapter:
(1) not more than a total of five million dollars ($5,000,000) may be deposited over the life of the certified technology park in the incremental tax financing fund of each redevelopment commission participating in the operation of the certified technology park; and
(2) the total amount that may be deposited in all incremental tax financing funds, over the life of the certified technology park, in aggregate, may not exceed the result of:
(A) five million dollars ($5,000,000); multiplied by
(B) the number of redevelopment commissions that have entered into a written agreement for the operation of the certified technology park.
(e) If a certified technology park has reached the limit on deposits under subsection (c) or (d) and maintains its certification under section 11(c) of this chapter, the certified technology park shall become a Level 2 certified technology park and an additional annual deposit amount shall be deposited in the incremental tax financing fund for the certified technology park equal to the following:
(1) For a certified technology park to which subsection (c) applies, the lesser of:
(A) the income tax incremental amount as defined in section 8.5(2) of this chapter; or
(B) two hundred fifty thousand dollars ($250,000).
(2) For a certified technology park to which subsection (d) applies, the lesser of:
(A) the aggregate income tax incremental amounts as defined in section 8.5(2) of this chapter attributable to each redevelopment commission that has entered into a written agreement for the operation of the certified technology park; or
(B) two hundred fifty thousand dollars ($250,000) multiplied by the number of redevelopment commissions that have entered into a written agreement for the operation of the certified technology park.
(3) The following apply to deposits under this subsection:
(A) If a certified technology park reached its limit on deposits based on a state fiscal year ending before July 1, 2020, the certified technology park shall receive deposits based on the income tax incremental amount as defined in section 8.5(2) of this chapter for each state fiscal year ending after June 30, 2019.
(B) If a certified technology park reached its limit on deposits based on a state fiscal year ending after June 30, 2020, the certified technology park shall receive deposits based on the income tax incremental amount as defined in section 8.5(2) of this chapter for the state fiscal year in which it reached its limit on deposits under subsection (c) or (d) and each state fiscal year thereafter.
(C) If a certified technology park is permitted to receive deposits under this subsection during the state fiscal year in which it reached its limit on deposits under subsection (c) or (d), the income tax incremental amount for purposes of subdivision (1)(A) or (1)(B) for that state fiscal year shall be reduced by an amount equal to:
(i) the deposit amount for the state fiscal year under subsection (b) required to reach the limit on deposits under subsection (c) or (d); minus
(ii) the gross retail incremental amount determined under section 6.5 of this chapter;
but not less than zero (0).
(f) This subsection applies to a Level 2 certified technology park designated in subsection (e). When the Indiana economic development corporation recertifies a certified technology park as required under section 11 of this chapter, the corporation shall make a determination of whether the certified technology park shall continue to be designated as a Level 2 certified technology park.
(g) On or before the twentieth day of each month, all amounts held in the incremental tax financing fund established for a certified technology park shall be distributed to the redevelopment commission for deposit in the certified technology park fund established under section 23 of this chapter.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.249-2015, SEC.32; P.L.197-2016, SEC.139; P.L.158-2019, SEC.33; P.L.32-2021, SEC.101; P.L.105-2023, SEC.2; P.L.236-2023, SEC.188.