§ 36-7-13-3.4 — "Income tax incremental amount"

Indiana § 36-7-13-3.4

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 13: Industrial Development

Text

4. (a) Except as provided in subsection (b), as
used in this chapter, "income tax incremental amount" means the
remainder of:
(1) the aggregate amount of state and local income taxes paid by
employees employed in a district with respect to wages earned for
work in the district for a particular state fiscal year; minus
(2) the sum of the:
(A) income tax base period amount; and
(B) tax credits awarded by the economic development for a
growing economy board under IC 6-3.1-13 to businesses
operating in a district as the result of wages earned for work in
the district for the state fiscal year;
as determined by the department of state revenue under section 14 of
this chapter.
(b) For purposes of a district designated under section 12.1 of this
chapter, "income tax incremental amount" means seventy-five percent
(75%) of the amount described in subsection (a).

Legislative History

As added by P.L.125-1998, SEC.8. Amended by P.L.224-2003, SEC.235; P.L.199-2005, SEC.30.