Terms Used In Indiana Code > Title 4 > Article 10 > Chapter 23 - Motorsports Investment District Credits

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• commission: refers to the Indiana motorsports commission created under Indiana Code 4-10-23-2
• 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.
• credit: refers to a credit provided to the owner or owners of the qualified motorsports facility for the preceding state fiscal year under section 12 of this chapter. See Indiana Code 4-10-23-3
• district: refers to a motorsports investment district established under Indiana Code 4-10-23-4
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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.
• grant: refers to a grant awarded to a charter school under this chapter. See Indiana Code 20-24-14-2
• gross retail base period amount: means the aggregate amount of state gross retail and use taxes remitted under Indiana Code 4-10-23-5
• gross retail incremental amount: means the remainder of:

  Indiana Code 4-10-23-6

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• income tax base period amount: means the aggregate amount of state adjusted gross income taxes paid or remitted by or on behalf of a taxpayer during the calendar year of 2012 with respect to income earned or attributable to the taxpayer's activities in the district. See Indiana Code 4-10-23-7
• income tax incremental amount: means the remainder of:

  Indiana Code 4-10-23-8

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• program: refers to the charter school facility grant program established by section 4 of this chapter. See Indiana Code 20-24-14-3
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• qualified motorsports facility: has the meaning set forth in Indiana Code 4-10-23-9
• 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.
• school: refers to a charter school or an innovation network school described in section 1(a)(2) of this chapter. See Indiana Code 20-24-13-2
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• 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