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

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

2. (2) the sum of the:

   1. (A) income tax base period amount; plus

   2. (B) tax credits awarded by the Indiana economic development corporation under IC 6-3.1-13 to businesses operating in an innovation development district as the result of wages earned for work in the innovation development district for the state fiscal year;

      as determined by the department of state revenue.

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