Title 63N, Title 63N: Economic Opportunity Act

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 …

63N-2-811. Reports of tax credits. (1) Before December 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: the total amount listed on tax credit ce…

63N-3-1001. Definitions. As used in this part: (1) "Business entity" means a for-profit or nonprofit entity. (2) "Grant" means a grant awarded as part of the Economic Assistance Grant Program created in Section. 63N-3-1002 (3) "Grant program" means the Economic Assistance Grant P…

63N-3-1002. Creation of Economic Assistance Grant Program -- Requirements -- Rulemaking -- Annual report. (1) There is created the Economic Assistance Grant Program administered by the office. (2) Subject to appropriations from the Legislature, the office may award one or more gr…

63N-3-101. Title -- Purpose. (1) This chapter is known as "Economic Development Programs." (2) This part is known as the "Industrial Assistance Account." (3) The Legislature finds and declares that the fostering and development of industry in Utah is a state public purpose necess…

63N-3-102. Definitions. As used in this part: (1) "Administrator" means the executive director or the executive director's designee. (2) "Applicant" means an individual, for profit business entity, nonprofit, corporation, partnership, unincorporated association, government entity…

63N-3-103. Industrial Assistance Account created -- Uses -- Administrator duties -- Costs. (1) There is created a restricted account within the General Fund known as the "Industrial Assistance Account." (2) The account consists of appropriations made by the Legislature. (3) The a…

63N-3-105. Qualification for assistance -- Application requirements. (1) Subject to the requirements of this part, the administrator may provide loans, grants, or other financial assistance from the restricted account to an entity offering an economic opportunity if that entity: …

63N-3-106. Structure of loans, grants, and assistance -- Repayment -- Earned credits. (1) Subject to the other provisions of this part, the administrator has authority to determine the structure, amount, and nature of any loan, grant, or other financial assistance from the restri…

63N-3-107. Agreements. The administrator shall enter into agreements with each successful applicant that have specific terms and conditions for each loan, grant, or financial assistance under this part, including: (1) for a loan: repayment schedules; interest rates; specific econ…

63N-3-1101. Definitions. As used in this part: (1) "Grant" means a grant awarded under Section. 63N-3-1102 (2) "Program" means the Manufacturing Modernization Grant Program created in Section. 63N-3-1102 (3) "Targeted industry" means an industry or group of industries targeted by…

63N-3-1102. Manufacturing Modernization Grant Program -- Creation -- Purpose -- Requirements -- Rulemaking -- Report. (1) There is created the Manufacturing Modernization Grant Program to be administered by the office. The purpose of the program is to award grants to existing Uta…

63N-3-111. Annual policy considerations. (1) The office shall make recommendations to state and federal agencies, local governments, the governor, and the Legislature regarding policies and initiatives that promote the economic development of targeted industries. The office may c…

63N-3-112. Talent development grants. (1) A for-profit business that is creating new incremental high paying jobs in the state, may apply to receive a talent development grant from the restricted account. (2) In accordance with the provisions of this section and in consultation w…

63N-3-113. Financial assistance to entities offering technical assistance to municipalities in connection with planning. (1) The administrator may provide money from the Industrial Assistance Account to an entity offering technical assistance to a municipality in connection with …

63N-3-1201. Definitions. As used in this part: (1) "American Rescue Plan Act" means the American Rescue Plan Act, Pub. L. 117-2. (2) "Grant" means a financial grant awarded as part of the Redevelopment Matching Grant Program created in Section. 63N-3-1202 (3) "Grant program" mean…

63N-3-1202. Creation of Redevelopment Matching Grant Program -- Eligibility and program requirements -- Rulemaking -- Reporting. (1) There is created the Redevelopment Matching Grant Program administered by the office. (2) Subject to appropriations from the Legislature, the offic…

63N-3-1301. Definitions. As used in this part: (1) "Cannabinoid processor license" means the same as that term is defined in Section. 4-41-102 (2) "Cannabinoid product" means the same as that term is defined in Section. 4-41-102 (3) "Industrial hemp product" means the same as tha…

63N-3-1302. Industrial Hemp Grant Program. (1) There is created the Industrial Hemp Grant Program to be administered by the office. The purpose of the program is to award grants to existing Utah businesses that have a cannabinoid processor license or an industrial hemp producer r…

63N-3-1501. Definitions. As used in this part: (1) "Business entity" means a for-profit or nonprofit organization. (2) "Pilot program" means the Innovation in Artificial Intelligence Grant Pilot Program created in Section. 63N-3-1502 (3) "Student" means a child enrolled in a publ…

63N-3-1502. Innovation in Artificial Intelligence Grant Pilot Program created -- Purpose -- Requirements -- Report. (1) There is created the Innovation in Artificial Intelligence Grant Pilot Program, to be administered subject to the availability of funds by the office as describ…

63N-3-1701. Definitions. As used in this part: (1) "Base taxable value" means the taxable value of land within a qualified development zone as shown upon the assessment roll last equalized during the property tax base year. (2) "Committee" means a major sporting event venue zone …

63N-3-1702. Applicability, requirements, and limitations on a major sporting event venue zone. (1) A major sporting event venue zone created pursuant to this part shall promote the following objectives: redevelopment of existing but aging major sporting event venues; development …

63N-3-1703. Process for proposing a major sporting event venue zone. (1) A creating entity may propose a major sporting event venue zone as provided in this section. Before a creating entity may submit a proposal to the office as described in this section, the legislative body of…

63N-3-1704. Consideration of proposals by the major sporting event venue zone committee. (1) A major sporting event venue zone proposed under this part is subject to approval by the major sporting event venue zone committee. (2) The proposing creating entity shall present the pro…

63N-3-1705. Notice requirements for the creating entity. (1) In approving a proposal, the committee shall follow the hearing and notice requirements for proposing a major sporting event venue zone as described in this section. (2) Within 30 days after the committee approves a pro…

63N-3-1706. Major sporting event venue zone committee -- Creation. (1) For any major sporting event venue zone proposed under this part, there is created a major sporting event venue zone committee with membership described in Subsection (2). (2) Each major sporting event venue z…

63N-3-1707. Approval of a major sporting event venue zone -- Effective date of a major sporting event venue zone -- Establishment of qualified development zone boundary -- Base taxable value year. (1) A major sporting event venue zone proposal may be approved, with or without mod…

63N-3-1708. Major sporting event venue zone boundaries -- Reporting requirements. (1) After a major sporting event venue zone is approved by the committee, as described in Section, the committee shall provide notice to the State Tax Commission, no later than 90 days after the day…

63N-3-1709. Allowable property tax increment within a major sporting event venue zone. (1) A creating entity may receive and use property tax increment in accordance with this section and as described in Title 11, Chapter 71, Major Sporting Event Venue Zones. (2) A county that co…

63N-3-1710. Allowable local sales and use tax increment within a major sporting event venue zone. (1) A major sporting event venue zone proposal may, in consultation with the State Tax Commission: propose a sales and use tax boundary as described in Subsection (2); propose a loca…

63N-3-1711. Boundary adjustments. If the relevant county assessor or county auditor adjusts parcel or lot boundaries relevant to a major sporting event venue zone, the creating entity administering the property tax increment or local sales and use tax increment collected in the m…

63N-3-1712. Applicability to an existing project. (1) If a major sporting event venue zone overlaps an area that is part of a project area, as that term is defined in Section, and created under Title 17C, Chapter 1, Agency Operations, that parcel may not be triggered for collecti…

63N-3-1801. Definitions. As used in this part: (1) "Board" means the State Housing Infrastructure Partnership Board created in Section. 63N-3-1803 (2) "Development agreement" means the same as that term is defined in Section. 10-20-102 (3) "Fund" means the State Housing Infrastru…

63N-3-1802. State Housing Infrastructure Partnership Fund. (1) There is created a revolving loan fund known as the "State Housing Infrastructure Partnership Fund." (2) The fund consists of money generated from the following revenue sources: appropriations made to the fund by the …

63N-3-1803. State Housing Infrastructure Partnership Board. (1) There is created within the office the State Housing Infrastructure Partnership Board composed of: five voting members as follows: the executive director of the office or the executive director's designee; the execut…