Base period revision; approval.

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.