DIGEST OF INTRODUCED BILL
Community revitalization enhancement districts tax credits. Provides that a taxpayer that is otherwise entitled to a community revitalization enhancement district (CRED) tax credit may claim the credit regardless of whether any incremental income taxes or sales taxes have been deposited in the incremental tax financing fund established for the CRED or have been allocated to the CRED. Provides that a CRED must terminate not later than 15 years after incremental income or sales taxes are first allocated to the CRED. Provides that if the budget agency fails to act on an ordinance or a resolution designating a CRED within 120 days, the ordinance or resolution is considered approved. Permits an advisory commission on industrial development or the executive of a municipality or county to petition the budget agency for permission to modify the boundaries of a CRED.