Indiana Code 8-23-17-15. Payment based on average annual net earnings
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Sec. 15. (a) A displaced person eligible for payment under section 13 of this chapter who is displaced from a place of business or farm operation and elects to accept the payment authorized by this section in lieu of the payment authorized by section 13 of this chapter may receive a fixed payment in an amount equal to the average annual net earnings of the business or farm operation. However, except as provided in section 12(2) of this chapter, the payment shall not be more than five thousand dollars ($5,000). In the case of a business, no payment shall be made under this section unless the agency head is satisfied that the business:
(2) is not a part of a commercial enterprise having at least one (1) other establishment not being acquired by the agency and which is engaged in the same or similar business.
(1) cannot be relocated without a substantial loss of its existing patronage; and
Terms Used In Indiana Code 8-23-17-15
- agency: means a department, board, commission, office, or instrumentality of the state, including a state supported college or university, or of a political subdivision of the state. See Indiana Code 8-23-17-1
- business: means any lawful activity, excepting a farm operation, conducted primarily:
Indiana Code 8-23-17-4
- farm operation: means any activity conducted solely or primarily for the production of one (1) or more agricultural products or commodities, including timber, for sale or home use, and customarily producing products or commodities in sufficient quantity to be capable of contributing materially to the operator's support. See Indiana Code 8-23-17-5
- owner: include any individual, partnership, corporation, limited liability company, or association. See Indiana Code 8-23-17-9
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) For purposes of this section, “average annual net earnings” means one-half (1/2) of any net earnings of the business or farm operation, before federal, state, and local income taxes, during the two (2) taxable years immediately preceding the taxable year in which the business or farm operation moves from the real property acquired by the agency. The term includes any compensation paid by the business or farm operation to the owner, the owner’s spouse, or dependents during the period.
As added by P.L.18-1990, SEC.226.