Terms Used In Indiana Code > Title 36 > Article 7 > Chapter 32.5 - Innovation Development Districts

• base assessed value: means the net assessed value of all the taxable real property that is assessed as commercial or industrial property under the rules of the department of local government finance, and taxable personal property, that is located in an innovation development district as finally determined for the assessment date immediately preceding the effective date of the designation by the corporation under section 9 of this chapter. See Indiana Code 36-7-32.5-1
• Contract: A legal written agreement that becomes binding when signed.
• contractor: has the meaning set forth in Indiana Code 36-7-32.5-1.5
• corporation: refers to the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 36-7-32.5-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• executive: means the following:

  Indiana Code 36-7-32.5-3

• Executive session: A portion of the Senate's daily session in which it considers executive business.
• 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.
• gross retail base period amount: means the aggregate amount of state gross retail and use taxes remitted under Indiana Code 36-7-32.5-4
• gross retail incremental amount: means the remainder of:

  Indiana Code 36-7-32.5-5

• income tax base period amount: means the aggregate amount of state adjusted gross income taxes paid:

  Indiana Code 36-7-32.5-6

• income tax incremental amount: means the remainder of:

  Indiana Code 36-7-32.5-7

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• net increment: means the sum of:

  Indiana Code 36-7-32.5-8

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• 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.
• Statute: A law passed by a legislature.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5