§ 36-7.5-4.5-27 — Local income tax increment fund; deposit of local income tax increment revenue in an account within the fund for each transit development district

Indiana § 36-7.5-4.5-27

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 4.5: Rail Transit Development Districts

Text

(a) If a district is established, the treasurer
of state shall establish a local income tax increment fund and an
account for each district established under this chapter for deposit of
local income tax increment revenue for that district.
(b) The funds shall be administered by the treasurer of state. Money
in a fund does not revert to the state general fund at the end of a state
fiscal year.
(c) The total amount of local income tax (IC 6-3.6) paid by:
(1) employees employed in a district with respect to wages earned
for work performed in the district; and
(2) residents living in the district;
shall be deposited in the district's account within the local income tax
increment fund. If an individual is a resident of one (1) district and is
employed within another district, only the local income tax for the
district in which the individual resides shall be deposited into the local
income tax increment fund. For each district, the budget agency shall
determine and transfer to the appropriate county account under IC 6-3.6-9 an amount equal to the local income tax base period amount for
the district.
(d) The budget agency shall determine and transfer any amount of
the local income tax increment revenue that will not be disbursed to the
development authority or redevelopment commission to the appropriate
county account under IC 6-3.6-9.

Legislative History

As added by P.L.248-2017, SEC.10. Amended by P.L.236-2023, SEC.195.