Sec. 7. As used in this chapter, “income tax incremental amount” means the remainder of:

(1) the total amount of state adjusted gross income taxes paid:

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

  • 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 the aggregate amount of state adjusted gross income taxes paid:

    Indiana Code 36-7-32.5-6

  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) by employees employed in the territory comprising the innovation development district with respect to wages and salary earned for work in the territory comprising the innovation development district; and

(B) by individuals who are not employees with respect to income received for services performed in the territory comprising an innovation development district;

for a particular state fiscal year that are not otherwise attributable to an allocation area listed in section 10(b) of this chapter; minus

(2) the sum of the:

(A) income tax base period amount; plus

(B) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in an innovation development district as the result of wages earned for work in the innovation development district for the state fiscal year;

as determined by the department of state revenue.

As added by P.L.135-2022, SEC.28. Amended by P.L.201-2023, SEC.275.

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