IC 36-7-32.5-5 : "Gross retail incremental amount"

Sec. 5. As used in this chapter, "gross retail incremental amount" means the remainder of:

(1) the aggregate amount of state gross retail and use taxes that are remitted under IC 6-2.5 by businesses:

(A) operating in the territory comprising an innovation development district; and

(B) that is, in the case of the:

(i) state gross retail tax, collected by a business for sales occurring at a physical location of the business in the innovation development district; and

(ii) state use tax, incurred with regard to property used in the innovation development district;

during a state fiscal year; minus

(2) the gross retail base period amount;

as determined by the department of state revenue.

As added by P.L.135-2022, SEC.28.