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

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

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

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

      1. (i) state gross retail tax, collected by a business for sales occurring at a physical location of the business in the innovation development district;
      2. (ii) state use tax, incurred with regard to property used in the innovation development district; and

      3. (iii) state gross retail and use tax incurred and paid by a contractor with regard to tangible personal property incorporated into real property that is located in the innovation development district, if the contractor can determine the amount of state gross retail or use tax incurred and paid based on records maintained under section 16.5 of this chapter, the state gross retail and use tax is not otherwise collected in an allocation area listed in section 10(b) of this chapter, and the state gross retail and use tax is not otherwise included in any innovation development district or section 4 of this chapter;

         during a state fiscal year; minus

2. (2) the gross retail base period amount;

   as determined by the department of state revenue.

As added by P.L.135-2022, SEC.28. Amended by P.L.11-2023, SEC.123; P.L.201-2023, SEC.273.