Terms Used In Utah Code > Title 63N > Chapter 2 > Part 1 - Economic Development Tax Increment Financing

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• business entity: includes a nonprofit entity. See Utah Code 63N-2-103
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commercial or industrial zone: means an area zoned agricultural, commercial, industrial, manufacturing, business park, research park, or other appropriate business related use in a general plan that contemplates future growth. See Utah Code 63N-2-103
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Development zone: means an economic development zone created under Section 63N-2-104. See Utah Code 63N-2-103
• 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.
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• High paying job: means a newly created full-time employee position where the aggregate average annual gross wage of the employment position, not including health care or other paid or unpaid benefits, is:
       (8)(a) at least 110% of the average wage of the county in which the employment position exists; or
       (8)(b) for an employment position related to a project described in Chapter 2, Part 1, Economic Development Tax Increment Financing, and that is located within the boundary of a county of the third, fourth, fifth, or sixth class, or located within a municipality in a county of the second class and where the municipality has a population of 10,000 or less:

            (8)(b)(i) at least 100% of the average wage of the county in which the employment position exists; or

            (8)(b)(ii) an amount determined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if the office determines the project is in a county experiencing economic distress. See Utah Code 63N-1a-102
• Incremental job: includes a full-time employment position where the employee is hired:
            (9)(b)(i) directly by a business entity; or
            (9)(b)(ii) by a professional employer organization, as defined in Section 31A-40-102, on behalf of a business entity. See Utah Code 63N-1a-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Local government entity: means a county, city, or town. See Utah Code 63N-2-103
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• New commercial project: means an economic development opportunity that:
       (5)(a) involves a targeted industry;
       (5)(b) is located within:

            (5)(b)(i) a county of the third, fourth, fifth, or sixth class; or

            (5)(b)(ii) a municipality that has a population of 10,000 or less and the municipality is located within a county of the second class; or
       (5)(c) involves an economic development opportunity that the commission determines to be eligible for a tax credit under this part. See Utah Code 63N-2-103
• New state revenue: means the state revenue collected from a business entity or a business entity's employees during a calendar year minus the baseline state revenue calculation. See Utah Code 63N-1a-102
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Remote work opportunity: means a new commercial project that:
       (6)(a) does not require a physical office in the state where employees associated with the new commercial project are required to work; and
       (6)(b) requires employees associated with the new commercial project to:

            (6)(b)(i) work remotely from a location within the state; and

            (6)(b)(ii) maintain residency in the state. See Utah Code 63N-2-103
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Significant capital investment: means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state. See Utah Code 63N-2-103
• 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
• State revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions:
       (12)(a) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
       (12)(b) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information;
       (12)(c) Title 59, Chapter 10, Part 2, Trusts and Estates;
       (12)(d) Title 59, Chapter 10, Part 4, Withholding of Tax; and
       (12)(e) Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102
• Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102
• Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102
• Tax credit: means an economic development tax credit created by Section Utah Code 63N-2-103
• Tax credit certificate: means a certificate issued by the office that:
       (10)(a) lists the name of the business entity to which the office authorizes a tax credit;
       (10)(b) lists the business entity's taxpayer identification number;
       (10)(c) lists the amount of tax credit that the office authorizes the business entity for the taxable year; and
       (10)(d) may include other information as determined by the office. See Utah Code 63N-2-103
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Written agreement: means a written agreement entered into between the office and a business entity under Section Utah Code 63N-2-103