§ 4-10-18-1 — Definitions

Indiana § 4-10-18-1

• Jurisdiction: Indiana
• Art. 10: STATE FUNDS GENERALLY
• Ch. 18: The Counter-Cyclical Revenue and Economic

Text

As used in this chapter:
"Adjusted personal income" for a particular reporting period means
the adjusted state personal income for that reporting period as
determined under section 3(b) of this chapter.
"Annual growth rate" for a particular reporting period means the
percentage change in adjusted personal income for the particular
reporting period as determined under section 3(c) of this chapter.
"Budget director" refers to the director of the budget agency
established under IC 4-12-1.
"Bureau" means the Bureau of Economic Analysis of the United
States Department of Commerce or its successor agency.
"Costs" means the cost of construction, equipment, land, property
rights (including leasehold interests), easements, franchises, leases,
financing charges, interest costs during and for a reasonable period
after construction, architectural, engineering, legal, and other
consulting or advisory services, plans, specifications, surveys, cost
estimates, and other costs or expenses necessary or incident to the
acquisition, development, construction, financing, and operating of an
economic growth initiative.
"Current calendar year" means a calendar year during which a
transfer to or from the fund is initially determined under sections 4 and
5 of this chapter.
"Current reporting period" means the most recent reporting period
for which the following information is published by the bureau:
(1) The implicit price deflator for the gross domestic product.
(2) State personal income.
"Economic growth initiative" means:
(1) the construction, extension, or completion of sewerlines,
waterlines, streets, sidewalks, bridges, roads, highways, public
ways, and any other infrastructure improvements;
(2) the leasing or purchase of land and any site improvements to
land;
(3) the construction, leasing, or purchase of buildings or other
structures;
(4) the rehabilitation, renovation, or enlargement of buildings or
other structures;
(5) the leasing or purchase of machinery, equipment, or
furnishings; or
(6) the training or retraining of employees whose jobs will be
created or retained as a result of the initiative.
"Fund" means the counter-cyclical revenue and economic
stabilization fund established under this chapter.
"General fund revenue" means all general purpose tax revenue and
other unrestricted general purpose revenue of the state, including
federal revenue sharing monies, credited to the state general fund and
from which appropriations may be made.
"Implicit price deflator for the gross domestic product" means the
implicit price deflator for the gross domestic product, or its closest
equivalent, which is available from the bureau.
"Political subdivision" has the meaning set forth in IC 36-1-2-13.
"Qualified economic growth initiative" means an economic growth
initiative that is:
(1) proposed by or on behalf of a political subdivision to promote
economic growth, including the creation or retention of jobs or
the infrastructure necessary to create or retain jobs;
(2) supported by a financing plan by or on behalf of the political
subdivision in an amount at least equal to the proposed amount of
the grant under section 15 of this chapter; and
(3) estimated to cost not less than twelve million five hundred
thousand dollars ($12,500,000).
"Reporting period" refers to a period of twelve (12) consecutive
months.
"State personal income" means state personal income as that term
is defined by the bureau.
"Total state general fund revenue" for a particular state fiscal year
means the amount of that revenue for the particular state fiscal year as
finally determined by the state comptroller.
"Transfer payments" means current personal transfer receipts as that
term is defined by the bureau.
As added by Acts 1982, P.L.22, SEC.1. Amended by
P.L.28-1993, SEC.1; P.L.146-2008, SEC.8; P.L.205-2013, SEC.56;
P.L.9-2024, SEC.69.