As used in this chapter, "income tax incremental amount" means the following:

1. (1) Except as provided in subdivision (2), the remainder of:

   1. (A) the total amount of state adjusted gross income taxes and local income taxes paid by employees employed in the territory comprising the certified technology park with respect to wages and salary earned for work in the territory comprising the certified technology park for a particular state fiscal year; minus

   2. (B) the sum of the:

      1. (i) income tax base period amount as defined in section 8 of this chapter; and

      2. (ii) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in a certified technology park as the result of wages earned for work in the certified technology park for the state fiscal year;

         as determined by the department of state revenue.

2. (2) In the case of a certified technology park for which the amount limit under section 22(c), 22(d), or 22(e) of this chapter has been exceeded, the remainder of:

   1. (A) the total amount of state adjusted gross income taxes and local income taxes paid by employees employed in the territory comprising the certified technology park with respect to wages and salary earned for work in the territory comprising the certified technology park for a particular state fiscal year; minus

   2. (B) the sum of the:

      1. (i) income tax base period amount as defined in section 8 of this chapter; and

      2. (ii) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in a certified technology park as the result of wages earned for work in the certified technology park for the state fiscal year;

         as determined by the department of state revenue.

As added by P.L.199-2005, SEC.39. Amended by P.L.197-2016, SEC.138; P.L.259-2017, SEC.1; P.L.158-2019, SEC.31; P.L.154-2020, SEC.50; P.L.162-2026, SEC.21.