Section 401.1 – Title.
Effective 5/10/2016 17C-1-401.1. Title. This part is known as “Project Area Funds.” Enacted by Chapter 350, 2016 General Session
Section 401.5 – Agency receipt and use of project area funds — Distribution of project area funds.
Effective 5/8/2018 17C-1-401.5. Agency receipt and use of project area funds — Distribution of project area funds. (1) An agency may receive and use project area funds in accordance with this title. (2) (a) A county that collects property tax on property located within a project area shall, in accordance with Section 59-2-1365, distribute to […]
Section 402 – Taxing entity committee.
Effective 5/5/2021 17C-1-402. Taxing entity committee. (1) The provisions of this section apply to a taxing entity committee that is created by an agency for: (a) a post-June 30, 1993, urban renewal project area plan or economic development project area plan; (b) any other project area plan adopted before May 10, 2016, for which the […]
Section 403 – Tax increment under a pre-July 1, 1993, project area plan.
Effective 5/8/2018 17C-1-403. Tax increment under a pre-July 1, 1993, project area plan. (1) Notwithstanding any other provision of law, this section applies retroactively to tax increment under all pre-July 1, 1993, project area plans, regardless of when the applicable project area was created or the applicable project area plan was adopted. (2) (a) Beginning […]
Section 404 – Tax increment under a post-June 30, 1993, project area plan.
Effective 5/10/2016 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 […]
Section 405 – Tax increment under a project area plan adopted on or after May 1, 2006.
Effective 5/10/2016 17C-1-405. Tax increment under a project area plan adopted on or after May 1, 2006. (1) This section applies to tax increment under a project area plan adopted on or after May 1, 2006, and before May 10, 2016. (2) Subject to the approval of the taxing entity committee, a board may provide […]
Section 406 – Additional tax increment under certain post-June 30, 1993, project area plans.
Effective 5/10/2016 17C-1-406. Additional tax increment under certain post-June 30, 1993, project area plans. (1) This section applies to a post-June 30, 1993, project area plan adopted before May 1, 2006. (2) An agency may, without the approval of the taxing entity committee, elect to be paid 100% of annual tax increment for each year […]
Section 407 – Limitations on tax increment.
Effective 5/4/2022 17C-1-407. Limitations on tax increment. (1) (a) If the development of retail sales of goods is the primary objective of an urban renewal project area, tax increment from the urban renewal project area may not be paid to or used by an agency unless the agency makes a development impediment determination under Chapter […]
Section 408 – Base taxable value to be adjusted to reflect other changes.
Effective 5/10/2016 17C-1-408. Base taxable value to be adjusted to reflect other changes. (1) (a) (i) As used in this Subsection (1), “qualifying decrease” means: (A) a decrease of more than 20% from the previous tax year’s levy; or (B) a cumulative decrease over a consecutive five-year period of more than 100% from the levy […]
Section 409 – Allowable uses of agency funds.
Effective 5/4/2022 17C-1-409. Allowable uses of agency funds. (1) (a) An agency may use agency funds: (i) for any purpose authorized under this title; (ii) for administrative, overhead, legal, or other operating expenses of the agency, including consultant fees and expenses under Subsection 17C-2-102(1)(b)(ii)(B) or funding for a business resource center; (iii) subject to Section […]
Section 410 – Agency may make payments to other taxing entities.
Effective 5/10/2016 17C-1-410. Agency may make payments to other taxing entities. (1) Subject to Subsection (3), an agency may grant agency funds to a taxing entity to offset some or all of the tax revenue that the taxing entity did not receive because of tax increment paid to the agency. (2) (a) Subject to Subsection […]
Section 411 – Use of project area funds for housing-related improvements and for relocating mobile home park residents — Funds to be held in separate accounts.
Effective 5/8/2018 17C-1-411. Use of project area funds for housing-related improvements and for relocating mobile home park residents — Funds to be held in separate accounts. (1) An agency may use project area funds: (a) to pay all or part of the value of the land for and the cost of installation, construction, or rehabilitation […]
Section 412 – Use of housing allocation — Separate accounting required — Issuance of bonds for housing — Action to compel agency to provide housing allocation.
Effective 5/4/2022 17C-1-412. Use of housing allocation — Separate accounting required — Issuance of bonds for housing — Action to compel agency to provide housing allocation. (1) (a) An agency shall use the agency’s housing allocation to: (i) pay part or all of the cost of land or construction of income targeted housing within the […]
Section 413 – Base taxable value for new tax.
Effective 5/10/2016 17C-1-413. Base taxable value for new tax. For purposes of calculating tax increment with respect to a tax that a taxing entity levies for the first time after the effective date of a project area plan, the base taxable value shall be used, subject to any adjustments under Section 17C-1-408. Amended by Chapter […]
Section 414 – Project area boundaries that divide a tax parcel — Deletion of parcel from tax increment calculation.
17C-1-414. Project area boundaries that divide a tax parcel — Deletion of parcel from tax increment calculation. (1) If the boundaries of a project area, as described in the project area plan, include part of a tax parcel and exclude part of the same tax parcel, the agency shall provide the assessor of the county […]
Section 415 – Obligations of agencies that use tax increment to pay for communication infrastructure or facility.
17C-1-415. Obligations of agencies that use tax increment to pay for communication infrastructure or facility. An agency that uses tax increment on or after March 30, 2009 to pay for communication infrastructure or a communication facility: (1) may not make or grant any undue or unreasonable preference or advantage to a provider of communication service […]
Section 416 – Extension of collection period for project areas impacted by COVID-19 emergency — Requirements — Limitations.
Effective 8/31/2020 17C-1-416. Extension of collection period for project areas impacted by COVID-19 emergency — Requirements — Limitations. (1) For purposes of this section: (a) “COVID-19 emergency” means the same as that term is defined in Section 53-2c-102. (b) “Extension period” means the period of an impacted project area’s project area funds collection period that […]