§ 8-23-17-15 — Payment based on average annual net earnings

(a) A displaced person eligible for payment
under section 13 of this chapter who is displaced from a place of
business or farm operation and elects to accept the payment authorized
by this section in lieu of the payment authorized by section 13 of this
chapter may receive a fixed payment in an amount equal to the average
annual net earnings of the business or farm operation. However, except
as provided in section 12(2) of this chapter, the payment shall not be
more than five thousand dollars ($5,000). In the case of a business, no
payment shall be made under this section unless the agency head is
satisfied that the business:
(1) cannot be relocated without a substantial loss of its existing
patronage; and
(2) is not a part of a commercial enterprise having at least one (1)
other establishment not being acquired by the agency and which
is engaged in the same or similar business.
(b) For purposes of this section, "average annual net earnings"
means one-half (1/2) of any net earnings of the business or farm
operation, before federal, state, and local income taxes, during the two
(2) taxable years immediately preceding the taxable year in which the
business or farm operation moves from the real property acquired by
the agency. The term includes any compensation paid by the business
or farm operation to the owner, the owner's spouse, or dependents
during the period.

Legislative History

As added by P.L.18-1990, SEC.226.