As used in this chapter, "income tax base period amount" means the aggregate amount of state adjusted gross income taxes paid:

1. (1) by employees employed in the territory comprising an innovation development district with respect to wages and salary earned for work in the innovation development district; and

2. (2) by individuals who are not employees with respect to income received for services performed in the territory comprising an innovation development district;

   for the state fiscal year that precedes the date on which the innovation development district was designated under section 9 of this chapter. However, the term does not include state adjusted gross income taxes otherwise attributable to an allocation area listed in section 10(b) of this chapter.

As added by P.L.135-2022, SEC.28. Amended by P.L.201-2023, SEC.274.