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Indiana Code Title 36. Local Government § 36-7-13-3.4

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 3.4. (a) Except as provided in subsection (b), as used in this chapter, “income tax incremental amount” means the remainder of:

(1) the aggregate amount of state and local income taxes paid by employees employed in a district with respect to wages earned for work in the district for a particular state fiscal year;  minus

(2) the sum of the:

(A) income tax base period amount;  and

(B) tax credits awarded by the economic development for a growing economy board under IC 6-3.1-13 to businesses operating in a district as the result of wages earned for work in the district for the state fiscal year;

as determined by the department of state revenue under section 14 of this chapter.

(b) For purposes of a district designated under section 12.1 of this chapter, “income tax incremental amount” means seventy-five percent (75%) of the amount described in subsection (a).

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-13-3.4 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-13-3-4/

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