Title 63N, Title 63N: Economic Opportunity Act

63N-3-402. Definitions. As used in this part, "fund" means the Transient Room Tax Fund created by Section.

63N-3-403. Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues. (1) There is created a fiduciary fund held by the state in a purely custodial capacity known as the Transient Room Tax Fund. (2) The fund shall be funded by the portion of t…

63N-3-801. Creation and administration. (1) There is created an enterprise fund known as the "State Small Business Credit Initiative Program Fund" administered by the office. (2) The executive director or the executive director's designee is the administrator of the fund. (3) Rev…

63N-3-802. Distribution of fund money. (1) The office shall distribute federal money in the fund according to the procedures, conditions, and restrictions placed upon the use of the money by the federal government under the Small Business Jobs Act of 2010, 12 U.S.C. Sec. 5701 et …

63N-3-803. Annual accounting. (1) The office shall monitor the activities of recipients of the loans and loan guarantees issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the office under this part. (2) An enti…

63N-3-901. Definitions. As used in this part: (1) "Applicable agency" means: for a project related to air quality, the Division of Air Quality created in Section; or 19-1-105 for a project related to water resources, the Division of Water Resources created in Section. 73-10-18 (2…

63N-3-902. Strategic Innovation Grant Pilot Program. (1) There is created within the office the Strategic Innovation Grant Pilot Program. (2) Subject to available funds, the office, in consultation with each applicable agency, shall award grants to business entities to implement …

63N-3a-101. Definitions. As used in this chapter: (1) "Affordable housing" means: for homes that are not owner-occupied, housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the county median gross income for househol…

63N-3a-102. Increment authorization committee -- Creation. (1) For any project proposed under this chapter that requires the use of tax increment, there is created an increment authorization committee with membership described in Subsection. (2) (2) Each increment authorization c…

63N-3a-103. Executive director duties -- Contracting. (1) In addition to the duties described in Section, the executive director shall coordinate the use of increment financing to achieve the state's long-term housing and economic development goals while balancing the need of loc…

63N-3a-104. Maximum number of zones per county. (1) As used in this section, "increment zone" means: a housing and transit reinvestment zone; a convention center reinvestment zone; a first homes investment zone; a home ownership promotion zone; a major sporting event venue zone; …

63N-3a-105. Rulemaking. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office may make rules as necessary to fulfill the duties described in this chapter.

63N-3a-106. Political Subdivisions Interim Committee working group. (1) The Political Subdivisions Interim Committee shall convene a working group as described in this section by no later than May 30, 2026, to: study tax increment financing; and make a recommendation to the Polit…

63N-3a-201. Process to propose -- Advance consultation -- Proposal requirements -- Consultation and public comment required -- Office review. (1) A creating entity may propose the creation of a regionally significant development zone: within the jurisdictional boundaries of the c…

63N-3a-202. Committee consideration of a proposal. (1) The proposing creating entity shall present the proposal to the committee in a public meeting. (2) Before voting to approve or deny a proposal, the committee shall evaluate and verify whether the proposal adequately addresses…

63N-3a-203. Approval process -- Creation of a regionally significant development zone -- Boundaries. (1) If the committee votes to approve a proposal, as described in Section: 63N-3a-202 a regionally significant development zone is created as of the effective date and subject to …

63N-3a-204. Property tax increment -- Personal property tax revenue diversion -- Remittance to the State Reinvestment Restricted Account. (1) As used in this section, "designated remitting percentage" means the percentage of property tax increment revenue established by the commi…

63N-3a-205. Compliance with terms of approved proposal required -- Modifications to a regionally significant development zone -- Boundary adjustments. (1) If a regionally significant development zone is approved by the committee and created as described in Section: 63N-3a-203 the…

63N-3a-206. Triggering increment collection. In addition to any other notification requirements in this part, a creating entity of a regionally significant development zone shall notify each affected taxing entity within the zone at least 90 days before the creating entity trigge…

63N-3a-207. Payment, use, and administration of regionally significant development zone revenue. (1) A creating entity shall designate an agency to: administer the regionally significant development zone; promote the objectives for the regionally significant development zone; and…

63N-3a-208. Applicability to an existing project area. (1) As used in this section, "maximum allowable increment" means the percent of property tax increment a regionally significant development zone is authorized to capture and utilize, as established by the committee under this…

63N-3a-301. Provisions specific to a regionally significant transit-oriented development. (1) A proposal to create a regionally significant development zone that qualifies as a regionally significant transit-oriented development, as described in this section, shall demonstrate ho…

63N-3a-302. Provisions specific to a regionally significant first home village. (1) A proposal to create a regionally significant development zone that qualifies as a regionally significant first home village, as described in this section, shall demonstrate how the proposal addre…

63N-3a-303. Provisions specific to a regionally significant economic development opportunity. (1) A creating entity with general land use authority over an area may submit a proposal that does not qualify under Sectionoras a regionally significant economic development opportunity…

63N-3a-401. Definitions. As used in this part: (1) "Incentive" means the same as that term is defined in Section. 11-41-201 (2) "Large load data center" means the same as that term is defined in Section. 11-41-201 (3) "Reinvestment account" means the State Reinvestment Restricted…

63N-3a-402. Incentives prohibited -- Exception. (1) Except as provided in Subsection, a county or municipality may not offer an incentive for a large load data center that is not located within a zone. (1)(b) Subsectiondoes not apply to: (1)(a) a project area established before M…

63N-3a-403. Committee consideration of a zone with energy implications. (1) The committee shall approve an application for a zone designation if the application demonstrates that: the proposed zone includes land suitable for a large load data center based on: access to electrical…

63N-3a-501. Reporting. (1) After the effective date of a regionally significant development zone, as described in Section, the creating entity shall provide a written report, no later than August 1, on the creating entity's and creating entity's agency's activities to implement t…

63N-4-101. Title -- Definitions. (1) This chapter is known as the "Rural Development Act." (2) As used in this part, "program" means the Rural Development Program created in Section. 63N-4-102

63N-4-102. Rural Development Program -- Supervision by office. (1) There is created within the office the Center for Rural Development. (2) The Center for Rural Development is under the administration and general supervision of the office.

63N-4-103. Purpose of the Center for Rural Development. The Center for Rural Development is established to: (1) foster and support economic development programs and activities for the benefit of rural counties and communities; (2) foster and support community, county, and resourc…

63N-4-104. Duties. (1) The Center for Rural Development shall: work to enhance the capacity of the office to address rural economic development, planning, and leadership training challenges and opportunities by establishing partnerships and positive working relationships with app…

63N-4-105. Program manager. (1) The executive director may appoint a director for the Center for Rural Development with the approval of the governor. (2) The director of the Center for Rural Development shall be a person knowledgeable in the field of rural economic development an…

63N-4-106. Annual report. The office shall include in the annual written report described in Section, a report of the program's operations and recommendations.

63N-4-301. Title. This part is known as the "Utah Rural Jobs Act."

63N-4-302. Definitions. As used in this part: (1) "Affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another person. For the purposes of this part, a person controls another perso…

63N-4-303. Application, approval, and allocations. (1) A person seeking approval as a rural investment company shall submit an application to the office. For the investment authority described in Subsection, the office shall begin accepting applications on November 1, 2017. (6)(a…

63N-4-304. Tax credit. (1) On the closing date, a claimant whose affidavit was included in an approved application submitted under Sectionshall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company. 63N…

63N-4-305. Revocation of tax credit certificates and exit. (1) Except as provided in Subsection, the office shall revoke a tax credit certificate issued under Sectionif the rural investment company in which the credit-eligible capital contribution was made does any of the followi…

63N-4-306. Request for determination. (1) A rural investment company, before making a growth investment, may request from the office a written opinion as to whether the business in which a rural investment company proposes to invest is an eligible small business. (2) The office s…

63N-4-307. Reporting obligations -- Authorization to disclose tax information -- Credit for new annual jobs. (1) A rural investment company shall submit an annual report to the office on or before the last day of February for each preceding calendar year until the rural investmen…

63N-4-308. Annual fee. (1) The office shall calculate an annual fee to be paid by each rural investment company by dividing $50,000 by the number of rural investment companies approved under this part and notify each rural investment company of the amount of the annual fee. (2) T…

63N-4-309. Exit. (1) On or after the seventh anniversary of the closing date, and on or before the twelfth anniversary of the closing date, each rural investment company shall apply to the office to exit the program and no longer be subject to this part. A rural investment compan…

63N-4-401. Title. This part is known as the "Rural Employment Expansion Program."

63N-4-402. Definitions. As used in this part: (1) "Business entity" means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. "Business entity" does not include a bus…

63N-4-403. Creation of Rural Employment Expansion Grant Program -- Duties of the office. (1) There is created the Rural Employment Expansion Grant Program administered by the office. (2) The office shall: review a business entity's application for a grant in the order in which th…