Sec. 16. (a) The treasurer of state shall establish an incremental tax financing fund for each global commerce center designated under this chapter. The fund shall be administered by the treasurer of state. Money in the fund does not revert to the state general fund at the end of a state fiscal year.

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Terms Used In Indiana Code 5-28-26-16

  • district: means the Eastern Indiana Economic Development District. See Indiana Code 5-28-26-2
  • 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.
  • income tax incremental amount: means the remainder of:

    Indiana Code 5-28-26-6

  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The total amount of local income tax (IC 6-3.6) paid by employees employed in the global commerce center with respect to wages earned for work in the global commerce center shall be deposited in the incremental tax financing fund established for a global commerce center until the amount deposited equals the income tax incremental amount.

     (c) On or before the twentieth day of each month, all amounts held in the incremental tax financing fund established for a global commerce center shall be distributed to the district that administers the global commerce center for deposit in the regional economic development fund established under section 19 of this chapter.

As added by P.L.203-2005, SEC.2. Amended by P.L.197-2016, SEC.7.

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