SB 477 Summary

• Removes restrictions on activating a third Community Revitalization Enhancement District (CRED) in Delaware County by repealing IC 6-3.1-19-5.5 and IC 36-7-13-23.

• Eliminates language that prevented certain districts from receiving allocations of income tax incremental amounts and gross retail incremental amounts from the advisory commission.

• Allows taxpayers to claim tax credits for qualified investments in CRED districts regardless of whether incremental tax revenues have been deposited or allocated to the district.

• Becomes effective upon passage and includes an emergency declaration.