Sec. 7. As used in this chapter, "income tax incremental amount" means the remainder of: (1) the total amount of state adjusted gross income taxes paid: (A) by employees employed in the territory comprising the innovation development district with respect to wages and salary earned for work in the territory comprising the innovation development district; and (B) by individuals who are not employees with respect to income received for services performed in the territory comprising an innovation development district; for a particular state fiscal year that are not otherwise attributable to an allocation area listed in section 10(b) of this chapter; minus (2) the sum of the: (A) income tax base period amount; plus (B) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in an innovation development district as the result of wages earned for work in the innovation development district for the state fiscal year; as determined by the department of state revenue.
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