Terms Used In Indiana Code 36-7-27-8

• base period amount: means the aggregate amount of covered local income taxes paid by employees employed in a tax area with respect to wages earned for work in the tax area for the state fiscal year that precedes the date on which the commission confirmed the resolution designating the tax area. See Indiana Code 36-7-27-2
• covered local income taxes: means the local income tax imposed on county taxpayers under Indiana Code 36-7-27-5
• 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.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• tax area: means a geographic area established by a commission under section 11 of this chapter in which a qualified economic development tax project is located. See Indiana Code 36-7-27-10