Indiana Code 4-10-18-3. Determination of adjusted personal income and annual growth rate
(b) The budget director shall determine the adjusted personal income for the current reporting period in the following manner:
Terms Used In Indiana Code 4-10-18-3
- Budget director: refers to the director of the budget agency established under IC 4-12-1. See Indiana Code 4-10-18-1
- Bureau: means the Bureau of Economic Analysis of the United States Department of Commerce or its successor agency. See Indiana Code 4-10-18-1
- Current reporting period: means the most recent reporting period for which the following information is published by the bureau:
Indiana Code 4-10-18-1
- Implicit price deflator for the gross domestic product: means the implicit price deflator for the gross domestic product, or its closest equivalent, which is available from the bureau. See Indiana Code 4-10-18-1
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- 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.
- Reporting period: refers to a period of twelve (12) consecutive months. See Indiana Code 4-10-18-1
- State personal income: means state personal income as that term is defined by the bureau. See Indiana Code 4-10-18-1
- Transfer payments: means current personal transfer receipts as that term is defined by the bureau. See Indiana Code 4-10-18-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
STEP TWO: Calculate the remainder of the total state personal income for the current reporting period minus any transfer payments made in Indiana for the current reporting period.
STEP THREE: Calculate the quotient of the result of STEP TWO divided by the result of STEP ONE.
STEP FOUR: Calculate the product of one hundred (100) multiplied by the result of STEP THREE. This product is the adjusted personal income for the current reporting period.
(c) The annual growth rate for a particular reporting period equals the quotient of:
(1) the remainder of:
(A) the adjusted personal income for the particular reporting period; minus
(B) the adjusted personal income for the twelve (12) month period immediately preceding the current reporting period; divided by
(2) the adjusted personal income for the twelve (12) month period immediately preceding the current reporting period.
The annual growth rate shall be expressed as a percentage and shall be rounded to the nearest one-tenth of one percent (0.1%).
(d) If the bureau changes the base year on which it calculates the implicit price deflator for the gross domestic product, the budget director shall adjust the implicit price deflator for the gross domestic product used in making the calculation in subsection (b) to compensate for that change in the base year.
As added by Acts 1982, P.L.22, SEC.1. Amended by P.L.205-2013, SEC.57.