Title 63N, Title 63N: Economic Opportunity Act

63N-2-104.1. Eligibility for tax credit -- Economic impact study. (1) The office shall certify a business entity's eligibility for a tax credit as provided in this section. (2) A business entity is eligible to receive a tax credit for a new commercial project if: the new commerci…

63N-2-104.2. Written agreement -- Contents -- Grounds for amendment or termination. (1) If the office determines that a business entity is eligible for a tax credit under Section, the office may enter into a written agreement with the business entity that: 63N-2-104.1 establishes…

63N-2-104.3. Limitations on tax credit amount. (1) Except as provided in Subsection, for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds: (2)(a) 50% of the new state reve…

63N-2-105. Requirements for claiming tax credit -- Application for tax credit certificate -- Procedure. (1) A business entity may claim a tax credit under this part if the office: determines that the business entity is eligible for a tax credit under Section; 63N-2-104.1 enters i…

63N-2-106. Reports -- Posting monthly and annual reports -- Audit and study of tax credits. (1) The office shall include the following information in the annual written report described in Section: 63N-1a-306 the office's success in attracting new commercial projects to developme…

63N-2-107. Reports of new state revenue, partial rebates, and tax credits. (1) Before October 1 of each year, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying: t…

63N-2-109. Payment of partial rebates. (1) As used in this section: "Account" means the Economic Incentive Restricted Account created in Subsection. (2) "Partial rebate" means an agreement between the office and a business entity under which the state agrees to pay back to the bu…

63N-2-110. Rulemaking authority. The office may make rules in accordance with, as necessary to administer this part.

63N-2-201. Title. This part is known as the "Enterprise Zone Act."

63N-2-202. Definitions. As used in this part: (1) "Business entity" means an entity, sole proprietorship, or individual: including a claimant, estate, or trust; and under which or by whom business is conducted or transacted. (2) "Claimant" means a resident or nonresident person t…

63N-2-203. Powers of the office. The office shall: (1) monitor the implementation and operation of this part and conduct a continuing evaluation of the progress made in the enterprise zones; (2) evaluate an application for designation as an enterprise zone from a county applicant…

63N-2-204. Criteria for designation of enterprise zones -- Application. (1) A county applicant seeking designation as an enterprise zone shall file an application with the office that, in addition to complying with the other requirements of this part: verifies that the county has…

63N-2-205. Qualifying local contributions. (1) An area may be designated as an enterprise zone only if the county applicant or municipal applicant agrees to make a qualifying local contribution. (2) The qualifying local contribution may vary depending on available resources, and …

63N-2-206. Eligibility review. (1) The office shall: review and evaluate the applications submitted under Section; and 63N-2-204 determine whether each county applicant or municipal applicant is eligible for designation as an enterprise zone. (2) The office shall designate enterp…

63N-2-207. Quarterly consideration. The office shall consider designating enterprise zones quarterly.

63N-2-208. Duration of designation. (1) Each enterprise zone has a duration of five years. (2) On or after January 1, 2021, neither a municipality nor a county may reapply for an enterprise zone designation for an enterprise zone that has reached the end of the enterprise zone's …

63N-2-209. Contingent designations. (1) The office may accept applications for, and may at any time grant, a contingent designation of any county as an enterprise zone for purposes of seeking a designation of the county as a federally designated zone. (2) This designation does no…

63N-2-210. Revocation of designations. (1) The office may revoke the designation of an enterprise zone if no businesses utilize the tax incentives during a calendar year. (2) Prior to that action, the office shall conduct a public hearing to determine reasons for inactivity and e…

63N-2-211. Disqualifying transfers. Except in a county of the first or second class, tax incentives provided by this part are not available to a business entity that closes or permanently curtails operations in another part of the state in connection with a transfer of any part o…

63N-2-212. Business entities qualifying for tax incentives. (1) Except as otherwise provided in Subsection, the tax incentives described in this part are available only to a business entity for which at least 51% of the employees employed at facilities of the business entity loca…

63N-2-213. State tax credits. (1) The office shall certify a business entity's eligibility for a tax credit described in this section. (2) A business entity seeking to receive a tax credit as provided in this section shall provide the office with: an application for a tax credit …

63N-2-214. Annual report. Each county applicant or municipal applicant designated as an enterprise zone shall annually report to the office regarding the economic activity that has occurred in the zone following the designation.

63N-2-215. Indian tribes -- Application. (1) For purposes of this section: "Indian reservation" has the same meaning as defined in Section. 9-9-210 "Indian tribe" has the same meaning as defined in Section. 9-9-402 "Tribal applicant" means the governing authority of a tribe that …

63N-2-501. Title. This part is known as "New Convention Facility Development Incentives."

63N-2-502. Definitions. As used in this part: (1) "Agreement" means an agreement described in Section. 63N-2-503 (2) "Base taxable value" means the value of hotel property before the construction on a qualified hotel begins, as that value is established by the county in which the…

63N-2-503. Agreement for development of new convention hotel -- Convention incentive authorized -- Agreement requirements. (1) The office, with the board's advice, may enter into an agreement with a qualified hotel owner or a host local government: for the development of a qualif…

63N-2-503.5. Convention Incentive Fund. (1) There is created an expendable special revenue fund known as the Convention Incentive Fund. (2) The incentive fund shall be funded by new tax revenue, as provided in Subsection. (3) No legislative appropriation is required to fund the i…

63N-2-504. Independent review committee. (1) In accordance with rules adopted by the office under Section, the GOED board shall establish a separate, independent review committee to provide recommendations to the office regarding the terms and conditions of an agreement and to co…

63N-2-505. Submission of written claim for convention incentive -- Disclosure of tax returns and other information -- Determination of claim. (1) The office may not pay any money from the incentive fund to a qualified hotel owner or host local government unless: the qualified hot…

63N-2-507. Assigning convention incentive. (1) A host local government that enters into an agreement with the office may, by resolution, assign a convention incentive to a community reinvestment agency, in accordance with rules adopted by the office. (2) A host local government t…

63N-2-508. Payment of incremental property tax revenue. (1) As used in this section: "Displaced tax increment" means the amount of tax increment that a county would have paid to the host agency, except for Subsection, from tax increment revenue generated from the project area in …

63N-2-509. Rulemaking authority -- Requirements for rules. (1) The office shall, in accordance with, make rules to carry out its responsibilities under this part and to implement the provisions of this part. Title 63G, Chapter 3, Utah Administrative Rulemaking Act (2) The rules t…

63N-2-510. Report by office -- Posting of report. (1) The office shall include the following information in the office's annual written report described in Section: 63N-1a-306 the state's success in attracting new conventions and corresponding new state revenue; the estimated amo…

63N-2-511. Stay Another Day and Bounce Back Fund. (1) As used in this section: "Bounce back fund" means the Stay Another Day and Bounce Back Fund, created in Subsection. (2) "Tourism board" means the Board of Tourism Development created in Section. 63N-7-201 (2) There is created …

63N-2-512. Hotel Impact Mitigation Fund. (1) As used in this section: "Affected hotel" means a hotel built in the state before July 1, 2014. "City-wide event" means an event hosted at a convention facility pursuant to a contract by a nonprofit corporation responsible for the prom…

63N-2-513. Authorized expenditures of convention incentive. (1) A qualified hotel owner or host local government may spend money received from the state portion of a convention incentive only for a purpose described in Subsection. 63N-2-508(2)(a) (2) A qualified hotel owner or ho…

63N-2-801. Title. This part is known as the "Technology and Life Science Economic Development Act."

63N-2-802. Definitions. As used in this part: (1) "Claimant" means the same as that term is defined in Section. 59-10-1002 (2) "Eligible claimant, estate, or trust" means a claimant, estate, or trust that: enters into an agreement with the office in accordance with this part to r…

63N-2-803. Tax credits issued by office. (1) The office may issue tax credit certificates under this part only to the extent that the Legislature, by statute, expressly authorizes the office to issue the tax credit certificates under this part for a fiscal year. (2) For fiscal ye…

63N-2-804. Person may not claim or pass through a tax credit without tax credit certificate. A person may not claim or pass through a tax credit unless the person has received a tax credit certificate from the office for the taxable year for which the person claims or passes thro…

63N-2-805. Application process. (1) A tax credit applicant may apply to the office to receive a tax credit certificate by filing an application with the office: on or before the quarterly deadline established by the office by rule made in accordance with; and Title 63G, Chapter 3…

63N-2-806. Criteria for tax credits. (1) A tax credit applicant shall establish as part of the application required by Sectionthat the tax credit applicant: 63N-2-805 meets all of the criteria to receive the tax credit for which the tax credit applicant applies, except for the re…

63N-2-807. Rulemaking authority. The office shall, by rule, made in accordance with, establish: (1) criteria to prioritize the issuance of tax credits amongst tax credit applicants in a manner consistent with this part; and (2) procedures for documenting the office's application …

63N-2-808. Agreements between office and tax credit applicant and life science establishment -- Tax credit certificate. (1) The office, with advice from the GOED board, may enter into an agreement to grant a tax credit certificate to a tax credit applicant selected in accordance …

63N-2-809. Issuance of tax credit certificates. (1) For a tax credit applicant that seeks to claim a tax credit, the office may issue a tax credit certificate to the tax credit applicant: for the first taxable year for which the tax credit applicant qualifies for the tax credit a…

63N-2-810. Reports on tax credit certificates. The office shall include the following information in the annual written report described in Section: (1) the total amount listed on tax credit certificates the office issues under this part; (2) the criteria that the office uses in …