Sec. 7. As used in this chapter, "income tax incremental amount" means the remainder of:
(1) the total amount of state adjusted gross income taxes paid:
(A) 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; and
(B) by individuals who are not employees with respect to income received for services performed in the territory comprising an innovation development district;
for a particular state fiscal year that are not otherwise attributable to an allocation area listed in section 10(b) of this chapter; minus
(2) the sum of the:
(A) income tax base period amount; plus
(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.