Sec. 4. As used in this chapter, “gross retail base period amount” means the aggregate amount of state gross retail and use taxes remitted under IC 6-2.5:

(1) by the businesses operating in the territory comprising an innovation development district; and

Terms Used In Indiana Code 36-7-32.5-4

  • contractor: has the meaning set forth in Indiana Code 36-7-32.5-1.5
  • 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.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Personal property: All property that is not real property.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) that is, in the case of the:

(A) state gross retail tax, collected by a business for sales occurring at a physical location of the business in the innovation development district;

(B) state use tax, incurred with regard to property used in the innovation development district; and

(C) state gross retail and use tax incurred and paid by a contractor with regard to tangible personal property incorporated into real property that is located in the innovation development district, if the:

(i) contractor can determine the amount of state gross retail or use tax incurred and paid on the tangible personal property incorporated into real property that is located in the innovation development district based on records maintained under section 16.5 of this chapter;

(ii) state gross retail or use tax is not otherwise collected in an allocation area listed in section 10(b) of this chapter; and

(iii) state gross retail or use tax is not otherwise included in any innovation development district or section 5 of this chapter;

during the full state fiscal year that precedes the date on which the innovation development district was designated under section 9 of this chapter.

As added by P.L.135-2022, SEC.28. Amended by P.L.11-2023, SEC.122; P.L.201-2023, SEC.272.

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