Sec. 18. (a) Before the first business day in October of each year, the department of state revenue shall calculate the income tax incremental amount and the gross retail incremental amount for the preceding state fiscal year for each innovation development district designated under this chapter.

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Terms Used In Indiana Code 36-7-32.5-18

  • 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 36-7-32.5-5

  • income tax incremental amount: means the remainder of:

    Indiana Code 36-7-32.5-7

  • net increment: means the sum of:

    Indiana Code 36-7-32.5-8

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) Taxpayers operating in an innovation development district shall report annually, in the manner and form prescribed by the department of state revenue, information that the department of state revenue determines necessary to calculate the net increment.

     (c) A taxpayer operating in an innovation development district that files a consolidated tax return with the department of state revenue shall also file annually an informational return with the department of state revenue for each business location of the taxpayer within the innovation development district.

     (d) If a taxpayer fails to report the information required by this section or file an informational return required by this section, the department of state revenue shall use the best information available in calculating the income tax incremental amount and gross retail incremental amount.

     (e) The department of state revenue shall transfer the amount calculated as provided in subsection (a) to the applicable local innovation development district fund established for the innovation development district under section 19 of this chapter by November 1 of each year.

As added by P.L.135-2022, SEC.28.

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