§ 36-7.5-4.5-28 — Certification and distributions from transit development district account

Indiana § 36-7.5-4.5-28

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

Text

(a) Not later than November 30 of the year
following the establishment of a district under this chapter, or
November 30, 2024, whichever is later, the department shall determine
the following for that district:
(1) The state income tax base period amount.
(2) The gross retail tax base period amount.
(3) The local income tax base period amount.
(b) Before December 1 of each year, beginning in the year two (2)
years following the establishment of the district under this chapter, the
department shall determine the following for each district for the
preceding calendar year:
(1) The state income tax increment revenue.
(2) The gross retail tax increment revenue.
(3) The local income tax increment revenue.
(c) The department shall notify the budget agency and the
development authority of each base period amount and annually each
increment revenue amount.
(d) Before December 15 of each calendar year, the department shall
determine and certify to the Indiana finance authority and the
development authority the following:
(1) The state income tax increment revenue.
(2) The gross retail tax increment revenue.
(3) The local income tax increment revenue for each district.
(4) The extent to which the sum of the state income tax increment
revenue and gross retail tax increment revenue certified under this
subsection for all districts exceeds the sum of the amounts
previously appropriated by the general assembly to the
development authority for rail projects (including any amounts
appropriated for debt service payments made by the Indiana
finance authority for a rail project).
(e) Beginning in the following calendar year, the state comptroller
shall distribute from a district's account within the local income tax
increment fund to the development authority or redevelopment
commission, in the case of a district located in a cash participant
county, on or before March 1, the lesser of:
(1) the amount of local income tax increment revenue specified
by the development authority or redevelopment commission; or
(2) the certified local income tax increment revenue amount for
that district.
(f) The development authority or redevelopment commission shall
deposit the local income tax increment revenue it receives in the
appropriate district account in the south shore improvement and
development fund.
(g) Notwithstanding subsection (a), if the department determines
that an amount determined under section 7, 8, 9, 10, 13, or 14 of this
chapter is in error, the department shall redetermine any erroneous
amounts and notify the budget agency and development authority of
any redetermination. If the department determines that the
redetermination of an amount affects incremental tax amounts
determined under subsection (b), the department shall recompute the
incremental tax amounts and make any necessary adjustments to
distributions or computations to reflect any redetermination.
(h) A municipality that includes more than one (1) transit
development district may share its increment revenue among the transit
development districts upon approval of the legislative body of the
municipality.

Legislative History

As added by P.L.248-2017, SEC.10. Amended by P.L.236-2023, SEC.196; P.L.9-2024, SEC.558.