§ 5-28-26-16 — Establishment of incremental tax financing fund; deposits; distributions

(a) The treasurer of state shall establish an
incremental tax financing fund for each global commerce center
designated under this chapter. The fund shall be administered by the
treasurer of state. Money in the fund does not revert to the state general
fund at the end of a state fiscal year.
(b) The total amount of local income tax (IC 6-3.6) paid by
employees employed in the global commerce center with respect to
wages earned for work in the global commerce center shall be
deposited in the incremental tax financing fund established for a global
commerce center until the amount deposited equals the income tax
incremental amount.
(c) On or before the twentieth day of each month, all amounts held
in the incremental tax financing fund established for a global
commerce center shall be distributed to the district that administers the
global commerce center for deposit in the regional economic
development fund established under section 19 of this chapter.

Legislative History

As added by P.L.203-2005, SEC.2. Amended by P.L.197-2016, SEC.7.