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 by businesses:

   1. (A) 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; and

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

         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.