Section 203 – Community reinvestment project area subject to taxing entity committee — Tax increment.

• (1) This section applies to a community reinvestment project area that an agency created before May 14, 2019, and that is subject to a taxing entity committee under Subsection 17C-5-202(2).

• (2) Subject to the taxing entity committee’s approval of a community reinvestment project area budget under Section 17C-5-304, and for the purpose of implementing a community reinvestment project area plan, an agency may receive up to 100% of a taxing entity’s tax increment, or any specified dollar amount of tax increment, for any period of time.

• (3) Notwithstanding Subsection (2), an agency that adopts a community reinvestment project area plan that is subject to a taxing entity committee may negotiate and enter into an interlocal agreement with a taxing entity and receive all or a portion of the taxing entity’s sales and use tax revenue for any period of time.

Amended by Chapter 376, 2019 General Session