Extension for CRIZ Program
Supporting Local Development in Uncertain Times
Overview
House Bill 1437 provides an extension for businesses in the City Revitalization and Improvement Zones (CRIZ) program to submit required reports and authorizes broader use of state tax funds to aid economic recovery.
Key Highlights
- Deadline extended from June 15 to August 31, 2020
- Expanded use of CRIZ State Tax funds by contracting authorities
- Updates to the Rural Jobs and Investment Tax Credit
What This Means
The bill offers much-needed relief and flexibility, helping municipalities and businesses continue revitalization work despite pandemic-related disruptions.
What does the CRIZ extension actually change?
It delays the reporting deadline for CRIZ-qualified businesses from June 15 to August 31, 2020, offering extra time to meet state compliance requirements during the COVID-19 emergency.
Can CRIZ funds now be used for more types of projects?
Yes. Contracting authorities are now allowed to spend CRIZ State Tax funds on a broader range of development and recovery initiatives.
