§ 36-7-13-15 — Incremental tax financing funds

(a) If an advisory commission on industrial
development designates a district under this chapter or the legislative
body of a county or municipality adopts an ordinance designating a
district under section 10.5 of this chapter, the treasurer of state shall
establish an incremental tax financing fund for the district. The fund
shall be administered by the treasurer of state. Money in the fund does
not revert to the state general fund at the end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall be
deposited during each state fiscal year in the incremental tax financing
fund established for the district under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the district,
until the amount of state gross retail and use taxes deposited
equals the gross retail incremental amount for the district.
(2) The aggregate amount of state and local income taxes paid by
employees employed in the district with respect to wages earned
for work in the district, until the amount of state and local income
taxes deposited equals the income tax incremental amount.
(c) Except as provided in subsection (e), the aggregate amount of
revenues that is:
(1) attributable to:
(A) the state gross retail and use taxes established under IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1
through IC 6-3-7; and
(2) deposited during any state fiscal year in each incremental tax
financing fund established for a district;
may not exceed one million dollars ($1,000,000) per district designated
under section 10.5 or 12 of this chapter and seven hundred fifty
thousand dollars ($750,000) per district for a district designated under
section 10.1 or 12.1 of this chapter.
(d) On or before the twentieth day of each month, all amounts held
in the incremental tax financing fund established for a district shall be
distributed to the district's advisory commission on industrial
development for deposit in the industrial development fund of the unit
that requested designation of the district.
(e) The aggregate amount of revenues that is:
(1) attributable to:
(A) the state gross retail and use taxes established under IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1
through IC 6-3-7; and
(2) deposited during any state fiscal year in the incremental tax
financing funds established for the districts located in Delaware
County;
may not exceed two million dollars ($2,000,000).

Legislative History

As added by P.L.125-1998, SEC.19. Amended by P.L.174-2001, SEC.10; P.L.192-2002(ss), SEC.175; P.L.224-2003, SEC.241; P.L.113-2010, SEC.133; P.L.172-2011, SEC.146.