Indiana Code 36-7-26-22. Base period amount; adjustment factor; determination; operation of business outside district; certification of taxes remitted
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Sec. 22. (a) Within sixty (60) days after receipt from the commission of the information transmitted under section 21 of this chapter the board shall do the following:
(2) Determine the adjustment factor. The adjustment factor must account for the portion of the incremental state gross retail and use tax revenues attributable to investment in the district and resulting from the redevelopment and economic development project. The adjustment factor may not be decreased after the factor is determined by the board.
(1) Request that the department determine the base period amount. The department shall certify the base period amount to the board and the board shall transmit the certification to the commission.
Terms Used In Indiana Code 36-7-26-22
- adjustment factor: means the amount, stated as a percentage, that the board determines under section 22 of this chapter should be applied in determining the district's net increment. See Indiana Code 36-7-26-3
- base period amount: means the aggregate amount of state gross retail and use taxes remitted under Indiana Code 36-7-26-4
- board: refers to the state board of finance created in Indiana Code 36-7-26-5
- commission: refers to a redevelopment commission established under IC 36-7-14. See Indiana Code 36-7-26-6
- department: refers to the department of state revenue. See Indiana Code 36-7-26-7
- district: refers to an economic development project district established under this chapter. See Indiana Code 36-7-26-8
(b) If a business that operates or did operate in the district also has or had one (1) or more other places of business operating in Indiana but outside the district, the business shall, in the manner and for the periods of time requested by the department, certify to the department the amount of taxes remitted by the business under IC 6-2.5 for the business’s places of operation that are or were in the district.
As added by P.L.35-1990, SEC.63.