Sec. 27. (a) If a district is established, the treasurer of state shall establish a local income tax increment fund and an account for each district established under this chapter for deposit of local income tax increment revenue for that district.

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Terms Used In Indiana Code 36-7.5-4.5-27

  • budget agency: means the budget agency established by IC 4-12-1-3. See Indiana Code 36-7.5-4.5-2
  • district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
  • 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.
  • local income tax base period amount: means the total amount of local income tax (Indiana Code 36-7.5-4.5-9
  • local income tax increment revenue: means the remainder of:

    Indiana Code 36-7.5-4.5-10

     (b) The funds shall be administered by the treasurer of state. Money in a fund does not revert to the state general fund at the end of a state fiscal year.

     (c) The total amount of local income tax (IC 6-3.6) paid by:

(1) employees employed in a district with respect to wages earned for work performed in the district; and

(2) residents living in the district;

shall be deposited in the district’s account within the local income tax increment fund. If an individual is a resident of one (1) district and is employed within another district, only the local income tax for the district in which the individual resides shall be deposited into the local income tax increment fund. For each district, the budget agency shall determine and transfer to the appropriate county account under IC 6-3.6-9 an amount equal to the local income tax base period amount for the district.

     (d) The budget agency shall determine and transfer any amount of the local income tax increment revenue that will not be disbursed to the development authority or redevelopment commission to the appropriate county account under IC 6-3.6-9.

As added by P.L.248-2017, SEC.10. Amended by P.L.236-2023, SEC.195.

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