As used in this chapter, "gross retail base period amount" means the aggregate amount of state gross retail and use taxes remitted under IC 6-2.5 by the businesses:

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

2. (2) that is, in the case of the:

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

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

      during the full state fiscal year that precedes the date on which the innovation development district was designated under section 9 of this chapter.

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