Effective 5/10/2016
17C-1-404. Tax increment under a post-June 30, 1993, project area plan.
17C-1-404. Tax increment under a post-June 30, 1993, project area plan.
- (1) This section applies to tax increment under a post-June 30, 1993, project area plan adopted before May 1, 2006, only.
- (2) A board may provide in the project area budget for the agency to be paid:
- (a) if 20% of the project area budget is allocated for housing under Section 17C-2-203:
- (i) 100% of annual tax increment for 15 years;
- (ii) 75% of annual tax increment for 24 years; or
- (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time; or
- (b) if 20% of the project area budget is not allocated for housing under Section 17C-2-203:
- (i) 100% of annual tax increment for 12 years;
- (ii) 75% of annual tax increment for 20 years; or
- (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time.
- (a) if 20% of the project area budget is allocated for housing under Section 17C-2-203:
Amended by Chapter 350, 2016 General Session