Terms Used In Utah Code 17C-1-1002

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Board: means the governing body of an agency, as described in Section 17C-1-203. See Utah Code 17C-1-102
• Certified tax rate: means the same as that term is defined in Section 59-2-924. See Utah Code 17C-1-1001
• Community: means a county or municipality. See Utah Code 17C-1-102
• Community reinvestment project area plan: means a project area plan adopted under Chapter 5, Part 1, Community Reinvestment Project Area Plan. See Utah Code 17C-1-102
• Cooperative development project: means project area development with impacts that extend beyond an agency's geographic boundaries to the benefit of two or more communities. See Utah Code 17C-1-1001
• Economic development project: means project area development for the purpose of:
       (4)(a) creating, developing, attracting, and retaining business;
       (4)(b) creating or preserving jobs;
       (4)(c) stimulating business and economic activity; or
       (4)(d) providing a local incentive as required by the Governor's Office of Economic Opportunity under Title 63N, Economic Opportunity Act. See Utah Code 17C-1-1001
• Eligible taxing entity: means a taxing entity that:
       (5)(a) is a municipality, a county, or a school district; and
       (5)(b) contains an agency partially or completely within the taxing entity's geographic boundaries. See Utah Code 17C-1-1001
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Implementation plan: means a plan adopted in accordance with Section 17C-1-1004 that:
       (6)(a) describes how the agency uses property tax revenue; and
       (6)(b) guides and controls agency-wide project development. See Utah Code 17C-1-1001
• Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
• Project area funds: means tax increment or sales and use tax revenue that an agency receives under a project area budget adopted by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
• Project area funds collection period: means the period of time that:
       (50)(a) begins the day on which the first payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement; and
       (50)(b) ends the day on which the last payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
• Project area incremental revenue: means the amount of revenue generated by the incremental value that a taxing entity receives after a project area funds collection period ends. See Utah Code 17C-1-1001
• Project area plan: means an urban renewal project area plan, an economic development project area plan, a community development project area plan, or a community reinvestment project area plan that, after the project area plan's effective date, guides and controls the project area development. See Utah Code 17C-1-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property tax: includes a privilege tax imposed under Title 59, Chapter 4, Privilege Tax. See Utah Code 17C-1-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Tax increment: means the difference between:
            (61)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a project area designated in the project area plan as the area from which tax increment is to be collected, using the current assessed value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
            (61)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 17C-1-102
• Taxing entity: means a public entity that:
       (62)(a) levies a tax on property located within a project area; or
       (62)(b) imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102