Sec. 25. (a) Employers operating in a district shall report annually, in the manner and in the form prescribed by the department, information that the department determines necessary to calculate the state income tax increment revenue and local income tax increment revenue. (b) Upon request of the department, employers in the district shall provide the […]
Sec. 26. (a) Retail merchants operating in the district shall report, in the manner and in the form prescribed by the department, information that the department determines necessary to calculate the gross retail tax base period amount or gross retail tax increment revenue. (b) At the request of the department, the development authority and any […]
Sec. 27. (a) If a district is established, the treasurer of state shall establish a local income tax increment fund and an account for each district established under this chapter for deposit of local income tax increment revenue for that district. (b) The funds shall be administered by the treasurer of state. Money in a […]
Sec. 28. (a) Not later than sixty (60) days after receiving a copy of the resolution establishing a district, the department shall determine the following for that district: (1) The state income tax base period amount. (2) The gross retail tax base period amount. (3) The local income tax base period amount. (b) Before October […]
Sec. 29. All expenses incurred in carrying out this chapter are payable solely from revenue received under this chapter or from the proceeds of the financial instruments issued by the development authority payable from revenues received under this chapter. A liability or obligation may not be incurred by the development authority that is greater than […]
Sec. 3. As used in this chapter, “corridor” means the geographic area established as a rail transit development corridor by this chapter. As added by P.L.248-2017, SEC.10.
Sec. 30. (a) It is the intent of this chapter to identify all gross retail tax increment revenue collected within districts and state and local income tax increment revenue attributable to districts. This section shall be broadly construed by the department to achieve the purposes of this chapter. (b) The department shall adopt guidelines to […]
Sec. 31. On the date that all financing obligations for a development project in a district established in a member county are no longer considered outstanding and all expenses incurred by the development authority in connection with the exercise of the development authority’s duties and obligations set forth in this chapter have been paid, all […]
Sec. 32. The general assembly covenants that this chapter will not be repealed or amended in a manner that will adversely affect the owners of the financial instruments issued under this chapter by the development authority or redevelopment commission. As added by P.L.248-2017, SEC.10.
Sec. 33. This chapter expires June 30, 2047. As added by P.L.248-2017, SEC.10.
Sec. 4. As used in this chapter, “department” refers to the department of state revenue. As added by P.L.248-2017, SEC.10.
Sec. 5. As used in this chapter, “development project” includes only development projects that benefit the corridor. As added by P.L.248-2017, SEC.10.
Sec. 6. As used in this chapter, “district” refers to a transit development district established by the development authority under this chapter. As added by P.L.248-2017, SEC.10.
Sec. 7. As used in this chapter, “gross retail tax base period amount” means the aggregate amount of state gross retail taxes remitted under IC 6-2.5 by retail merchants for the calendar year that precedes the date on which the district was established under this chapter as determined by the department. As added by P.L.248-2017, […]
Sec. 8. As used in this chapter, “gross retail tax increment revenue” means the remainder of: (1) the aggregate amount of state gross retail taxes that are remitted under IC 6-2.5 by retail merchants during a calendar year with respect to the retail merchants’ operations in the district; minus (2) the gross retail tax base […]
Sec. 9. As used in this chapter, “local income tax base period amount” means the total amount of local income tax (IC 6-3.6) paid by employees employed within a district with respect to wages and salary earned for work in the district for the calendar year that precedes the date on which the district was […]
