A. The state board of finance may approve the revision of the base period used to determine a district's gross receipts tax increment:
- (1) once during the lifetime of the district;
- (2) if no gross receipts tax increment bonds attributable to the district have been issued;
- (3) if there is no unresolved objection to the revision by the developer or by a local government that has dedicated a tax increment to the district; and
- (4) upon a finding that the revision is reasonable and in the best interest of the state.
- B. If the state board of finance approves the revision of the base period used to determine a district's gross receipts tax increment, the state board of finance shall notify the district, the secretary of taxation and revenue, the developer and the local governments that have dedicated a tax increment to the district.
History: Laws 2014, ch. 11, § 2; 2025, ch. 130, § 7.
ANNOTATIONS
The 2025 amendment, effective July 1, 2025, removed the definition of "developer" and clarified language in the section; in Subsection A, deleted former Paragraph A(2) and former Subsection C; and substituted each occurrence of "year" with "period" throughout the section.