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.As added by P.L.135-2022, SEC.28. Amended by P.L.201-2023, SEC.275.
Indiana Legal Code