Utah Code 63N-3-610. Sales and use tax increment in a housing and transit reinvestment zone
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(1) A housing and transit reinvestment proposal shall, in consultation with the tax commission:
Terms Used In Utah Code 63N-3-610
- Base year: means , for each tax increment collection period triggered within a proposed housing and transit reinvestment zone area, the calendar year prior to the calendar year the tax increment begins to be collected for those parcels triggered for that collection period. See Utah Code 63N-3-602
- Commission: means the Unified Economic Opportunity Commission created in Section
63N-1a-201 . See Utah Code 63N-1a-102 - Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Housing and transit reinvestment zone: means a housing and transit reinvestment zone created pursuant to this part. See Utah Code 63N-3-602
- Municipality: means the same as that term is defined in Section
10-1-104 . See Utah Code 63N-3-602 - Public transit county: means a county that has created a small public transit district. See Utah Code 63N-3-602
- Sales and use tax base year: means a sales and use tax year determined by the first year pertaining to the tax imposed in Section
59-12-103 after the sales and use tax boundary for a housing and transit reinvestment zone is established. See Utah Code 63N-3-602 - Sales and use tax boundary: means a boundary created as described in Section
63N-3-604 , based on state sales and use tax collection that corresponds as closely as reasonably practicable to the housing and transit reinvestment zone boundary. See Utah Code 63N-3-602 - Sales and use tax increment: means the difference between:(30)(a) the amount of state sales and use tax revenue generated each year following the sales and use tax base year by the sales and use tax from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which sales and use tax increment is to be collected; and(30)(b) the amount of state sales and use tax revenue that was generated from that same area during the sales and use tax base year. See Utah Code 63N-3-602
- 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 Commission: means the State Tax Commission created in Section
59-1-201 . See Utah Code 63N-3-602- Tax increment: means the difference between:
(34)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section59-2-924 ; and(34)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section59-2-924 . See Utah Code 63N-3-602(1)(a) create a sales and use tax boundary as described in Subsection (2); and(1)(b) establish a sales and use tax base year and collection period to calculate and transfer the state sales and use tax increment within the housing and transit reinvestment zone, which sales and use tax base year is established prospectively, 90 days after the date of the notice described in Subsection (4).(2)(2)(a) The municipality or public transit county, in consultation with the tax commission, shall establish a sales and use tax boundary that:(2)(a)(i) is based on state sales and use tax collection boundaries, which are determined using the ZIP Code as defined in Section59-12-102 , including the four digit delivery route extension;(2)(a)(ii) follows as closely as reasonably practicable the boundary of the housing and transit reinvestment zone; and(2)(a)(iii) is one contiguous area that includes at least the entire boundary of the housing and transit reinvestment zone.(2)(b) If a state sales and use tax boundary is bisected by the boundary of the housing and transit reinvestment zone, the housing and transit reinvestment zone may include the entire state sales and use tax boundary.(2)(c) The municipality or public transit county shall include the sales and use tax boundary in the housing and transit reinvestment zone proposal as described in Section63N-3-604 .(3)(3)(a) Beginning the first day of the calendar quarter one year after the sales and use tax boundary for a housing and transit reinvestment zone is established, the tax commission shall, at least annually, transfer an amount equal to 15% of the sales and use tax increment within an established sales and use tax boundary into the Transit Transportation Investment Fund created in Section72-2-124 .(3)(b) A municipality or public transit county may only propose one sales and use tax increment period for a housing and transit reinvestment zone established under this section.(4)(4)(a) The establishment of a sales and use tax base year and the requirement described in Subsection (3) to transfer incremental sales tax revenue shall take effect:(4)(a)(i) on the first day of a calendar quarter; and(4)(a)(ii) after a 90-day waiting period, beginning on the date the commission receives notice from the municipality or public transit county meeting the requirements of Subsection (4)(b).(4)(b) The notice described in Subsection (4)(a) shall include:(4)(b)(i) a statement that the housing and transit reinvestment zone will be established under this part;(4)(b)(ii) the approval date and effective date of the housing and transit reinvestment zone; and(4)(b)(iii) the definitions of the sales and use tax boundary and sales and use tax base year.