Terms Used In Indiana Code > Title 36 > Article 7 > Chapter 27 - Economic Development Tax Area

• 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
• commission: refers to the metropolitan development commission acting as the redevelopment commission of a consolidated city, subject to IC 36-3-4-23. See Indiana Code 36-7-27-3
• 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.
• covered local income taxes: means the local income tax imposed on county taxpayers under Indiana Code 36-7-27-5
• department: refers to the department of state revenue. See Indiana Code 36-7-27-6
• 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.
• fund: refers to an incremental income tax financing fund established under section 13 of this chapter. See Indiana Code 36-7-27-7
• incremental income tax: means the remainder of:

  Indiana Code 36-7-27-8

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• qualified economic development tax project: means a project that is expected to create, retain, or create and retain at least two thousand (2,000) jobs in the county. See Indiana Code 36-7-27-9
• 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
• 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
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5