Terms Used In Indiana Code > Title 6 > Article 3.1 > Chapter 13 - Economic Development for a Growing Economy Tax Credit

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: means the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 6-3.1-13-1.5
• credit amount: means the amount agreed to between the corporation and applicant under this chapter, but not to exceed, in the case of a credit awarded for a project to create new jobs in Indiana, the incremental income tax withholdings attributable to the applicant's project. See Indiana Code 6-3.1-13-2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• full-time employee: means an individual who is employed for consideration for at least thirty-five (35) hours each week or who renders any other standard of service generally accepted by custom or specified by contract as full-time employment. See Indiana Code 6-3.1-13-4
• incremental income tax withholdings: means either:

  Indiana Code 6-3.1-13-5

• NAICS: refers to the North American Industry Classification System. See Indiana Code 6-3.1-13-5.3
• NAICS industry sector: refers to industries that share the same first two (2) digits of the six (6) digit NAICS code assigned to industries in the NAICS Manual of the United States Office of Management and Budget. See Indiana Code 6-3.1-13-5.5
• new employee: means a full-time employee first employed by a taxpayer in the project that is the subject of a tax credit agreement and who is employed after the taxpayer enters into the tax credit agreement. See Indiana Code 6-3.1-13-6
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• pass through entity: means a:

  Indiana Code 6-3.1-13-7

• related member: means a person that, with respect to the taxpayer during all or any portion of the taxable year, is any one (1) of the following:

  Indiana Code 6-3.1-13-8

• state tax liability: means a taxpayer's total tax liability that is incurred under:

  Indiana Code 6-3.1-13-9

• taxpayer: means a person, corporation, partnership, or other entity that has any state tax liability or that submits incremental income tax withholdings under IC 6-3-4-8. See Indiana Code 6-3.1-13-10
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5