Indiana Code 36-7.5-4.5-28. Certification and distributions from transit development district account
(1) The state income tax base period amount.
Terms Used In Indiana Code 36-7.5-4.5-28
- budget agency: means the budget agency established by IC 4-12-1-3. See Indiana Code 36-7.5-4.5-2
- cash participant: refers to a county or municipality that has adopted an ordinance or resolution under section 16 of this chapter specifying that the county or municipality has chosen to become a cash participant. See Indiana Code 36-7.5-4.5-2.5
- department: refers to the department of state revenue. See Indiana Code 36-7.5-4.5-4
- district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
- gross retail tax base period amount: means the aggregate amount of state gross retail taxes remitted under Indiana Code 36-7.5-4.5-7
- gross retail tax increment revenue: means the remainder of:
Indiana Code 36-7.5-4.5-8
- 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
- state income tax base period amount: means the aggregate amount of state adjusted gross income taxes paid or remitted by or on behalf of:
Indiana Code 36-7.5-4.5-13
- state income tax increment revenue: means the remainder of:
Indiana Code 36-7.5-4.5-14
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) The local income tax base period amount.
(b) Before December 1 of each year, beginning in the year two (2) years following the establishment of the district under this chapter, the department shall determine the following for each district for the preceding calendar year:
(1) The state income tax increment revenue.
(2) The gross retail tax increment revenue.
(3) The local income tax increment revenue.
(c) The department shall notify the budget agency and the development authority of each base period amount and annually each increment revenue amount.
(d) Before December 15 of each calendar year, the department shall determine and certify to the Indiana finance authority and the development authority the following:
(1) The state income tax increment revenue.
(2) The gross retail tax increment revenue.
(3) The local income tax increment revenue for each district.
(4) The extent to which the sum of the state income tax increment revenue and gross retail tax increment revenue certified under this subsection for all districts exceeds the sum of the amounts previously appropriated by the general assembly to the development authority for rail projects (including any amounts appropriated for debt service payments made by the Indiana finance authority for a rail project).
(e) Beginning in the following calendar year, the auditor of state shall distribute from a district’s account within the local income tax increment fund to the development authority or redevelopment commission, in the case of a district located in a cash participant county, on or before March 1, the lesser of:
(1) the amount of local income tax increment revenue specified by the development authority or redevelopment commission; or
(2) the certified local income tax increment revenue amount for that district.
(f) The development authority or redevelopment commission shall deposit the local income tax increment revenue it receives in the appropriate district account in the south shore improvement and development fund.
(g) Notwithstanding subsection (a), if the department determines that an amount determined under section 7, 8, 9, 10, 13, or 14 of this chapter is in error, the department shall redetermine any erroneous amounts and notify the budget agency and development authority of any redetermination. If the department determines that the redetermination of an amount affects incremental tax amounts determined under subsection (b), the department shall recompute the incremental tax amounts and make any necessary adjustments to distributions or computations to reflect any redetermination.
(h) A municipality that includes more than one (1) transit development district may share its increment revenue among the transit development districts upon approval of the legislative body of the municipality.
As added by P.L.248-2017, SEC.10. Amended by P.L.236-2023, SEC.196.