Indiana § 6-3-5-4 Mutual economic development agreements with bordering states;
payment agreement

Indiana Statutes

§ 6-3-5-4 — Mutual economic development agreements with bordering states; payment agreement

Indiana·Art. 3 STATE INCOME TAXES·Ch. 5 Reciprocity

(a)If the Indiana economic development corporation established under IC 5-28 and a similar agency or body of a state bordering Indiana enter into an agreement for mutual economic development, the department of state revenue may enter into a payment agreement with that bordering state or an authorized agency of that bordering state. The payment agreement must provide for an obligation by the bordering state substantially similar to this section. The payment agreement must be reviewed by the budget agency.

(b)A payment agreement must provide that the payment by the department of state revenue cannot exceed the incremental income tax withholdings collected by the department as a result of the compensation of new employees who are Indiana residents and whose jobs are being incentivized by th

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(a) If the Indiana economic development
corporation established under IC 5-28 and a similar agency or body of
a state bordering Indiana enter into an agreement for mutual economic
development, the department of state revenue may enter into a payment
agreement with that bordering state or an authorized agency of that
bordering state. The payment agreement must provide for an obligation
by the bordering state substantially similar to this section. The payment
agreement must be reviewed by the budget agency.
(b) A payment agreement must provide that the payment by the
department of state revenue cannot exceed the incremental income tax
withholdings collected by the department as a result of the
compensation of new employees who are Indiana residents and whose
jobs are being incentivized by that border state under an agreement for
mutual economic development.
(c) The amount needed to make the payment is appropriated from
the state general fund.

Indiana § 6-3-5-4 (Mutual economic development agreements with bordering states; payment agreement) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.