Section 36-7-32.5-7 - "Income tax incremental amount"As used in this chapter, "income tax incremental amount" means the remainder of:
(1) the total amount of state adjusted gross income taxes paid: (A) by employees employed in the territory comprising the innovation development district with respect to wages and salary earned for work in the territory comprising the innovation development district; and(B) by individuals who are not employees with respect to income received for services performed in the territory comprising an innovation development district; for a particular state fiscal year that are not otherwise attributable to an allocation area listed in section 10(b) of this chapter; minus
(2) the sum of the:(A) income tax base period amount; plus(B) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in an innovation development district as the result of wages earned for work in the innovation development district for the state fiscal year; as determined by the department of state revenue.
Amended by P.L. 201-2023,SEC. 275, eff. 7/1/2023.Added by P.L. 135-2022,SEC. 28, eff. 7/1/2022.