Section 109 – Tax — Exemption — Tax equivalent payment.

• (1) The possession or beneficial use of property within the state fair park is exempt from taxation under Title 59, Chapter 4, Privilege Tax.

• (2)
  • (a) Any agreement between the corporation and a person to develop property within the state fair park shall provide that the person shall, in accordance with Title 59, Chapter 3, Tax Equivalent Property Act, make a tax equivalent payment as defined in Section 59-3-102 to the corporation each year.
  • (b) The corporation shall deposit all revenue collected under Subsection (2)(a) into the Utah State Fair Fund created in Section 63H-6-107.

Enacted by Chapter 301, 2016 General Session