- Allows a local government to designate a Cultural District for the purpose of revitalizing a community by creating a hub of cultural activity.
- Allows income and corporate franchise tax credits for eligible expenses for rehabilitation of owner-occupied or revenue generating historic structures in a Cultural District.
- Provides an exemption from sales and use taxes for proceeds received from the sale of original, one-of-a-kind works of art from locations established within the Cultural District.
- Requires local governments who designate such districts to report on impact to their community annually.
- Requires CRT to collate reports received and submit a single report to the legislature biannually beginning in 2011.
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