§ 36-7-32.5-5 — "Gross retail incremental amount"

Indiana § 36-7-32.5-5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32.5: Innovation Development Districts

Text

As used in this chapter, "gross retail
incremental amount" means the remainder of:
(1) the aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5:
(A) by businesses operating in the territory comprising an
innovation development district; and
(B) that is, in the case of the:
(i) state gross retail tax, collected by a business for sales
occurring at a physical location of the business in the
innovation development district;
(ii) state use tax, incurred with regard to property used in the
innovation development district; and
(iii) state gross retail and use tax incurred and paid by a
contractor with regard to tangible personal property
incorporated into real property that is located in the
innovation development district, if the contractor can
determine the amount of state gross retail or use tax incurred
and paid based on records maintained under section 16.5 of
this chapter, the state gross retail and use tax is not otherwise
collected in an allocation area listed in section 10(b) of this
chapter, and the state gross retail and use tax is not otherwise
included in any innovation development district or section 4
of this chapter;
during a state fiscal year; minus
(2) the gross retail base period amount;
as determined by the department of state revenue.

Legislative History

As added by P.L.135-2022, SEC.28. Amended by P.L.11-2023, SEC.123; P.L.201-2023, SEC.273.