Terms Used In Utah Code > Title 63N > Chapter 2 > Part 5 - New Convention Facility Development Incentives

• Agreement: means an agreement described in Section 63N-2-503. See Utah Code 63N-2-502
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Base taxable value: means the value of hotel property before the construction on a qualified hotel begins, as that value is established by the county in which the hotel property is located, using a reasonable valuation method that may include the value of the hotel property on the county assessment rolls the year before the year during which construction on the qualified hotel begins. See Utah Code 63N-2-502
• Certified claim: means a claim that the office has approved and certified as provided in Section 63N-2-505. See Utah Code 63N-2-502
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Claim: means a written document submitted by a qualified hotel owner or host local government to request a convention incentive. See Utah Code 63N-2-502
• Claimant: means the qualified hotel owner or host local government that submits a claim under Subsection 63N-2-505(1)(a) for a convention incentive. See Utah Code 63N-2-502
• Commission: means the Utah State Tax Commission. See Utah Code 63N-2-502
• Community reinvestment agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-2-502
• Construction revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring during the eligibility period as a result of the construction of the hotel property, including purchases made by a qualified hotel owner and its subcontractors. See Utah Code 63N-2-502
• Convention incentive: means an incentive for the development of a qualified hotel, in the form of payment from the incentive fund as provided in this part, as authorized in an agreement. See Utah Code 63N-2-502
• County executive: means :
       (7)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (7)(b) the county executive, in the county executive-council optional form of government authorized by Section 17-52a-203; or
       (7)(c) the county manager, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Eligibility period: means :
       (10)(a) the period that:

            (10)(a)(i) begins the date construction of a qualified hotel begins; and

            (10)(a)(ii) ends:

                 (10)(a)(ii)(A) for purposes of the state portion, 20 years after the date of initial occupancy of that qualified hotel; or

                 (10)(a)(ii)(B) for purposes of the local portion and incremental property tax revenue, 25 years after the date of initial occupancy of that hotel; or
       (10)(b) as provided in an agreement between the office and a qualified hotel owner or host local government, a period that:

            (10)(b)(i) begins no earlier than the date construction of a qualified hotel begins; and

            (10)(b)(ii) is shorter than the period described in Subsection (10)(a). See Utah Code 63N-2-502
• Endorsement letter: means a letter:
       (11)(a) from the county in which a qualified hotel is located or is proposed to be located;
       (11)(b) signed by the county executive; and
       (11)(c) expressing the county's endorsement of a developer of a qualified hotel as meeting all the county's criteria for receiving the county's endorsement. See Utah Code 63N-2-502
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• GOEO: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• Host agency: means the community reinvestment agency of the host local government. See Utah Code 63N-2-502
• Host local government: means :
       (13)(a) a county that enters into an agreement with the office for the construction of a qualified hotel within the unincorporated area of the county; or
       (13)(b) a city or town that enters into an agreement with the office for the construction of a qualified hotel within the boundary of the city or town. See Utah Code 63N-2-502
• Hotel property: means a qualified hotel and any property that is included in the same development as the qualified hotel, including convention, exhibit, and meeting space, retail shops, restaurants, parking, and other ancillary facilities and amenities. See Utah Code 63N-2-502
• Incentive fund: means the Convention Incentive Fund created in Section Utah Code 63N-2-502
• Incremental property tax revenue: means the amount of property tax revenue generated from hotel property that equals the difference between:
       (16)(a) the amount of property tax revenue generated in any tax year by all taxing entities from hotel property, using the current assessed value of the hotel property; and
       (16)(b) the amount of property tax revenue that would be generated that tax year by all taxing entities from hotel property, using the hotel property's base taxable value. See Utah Code 63N-2-502
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Local portion: means the portion of new tax revenue that is generated by local taxes. See Utah Code 63N-2-502
• Local taxes: means a tax imposed under:
       (18)(a) Section 59-12-204;
       (18)(b) Section 59-12-301;
       (18)(c) Sections 59-12-352 and 59-12-353;
       (18)(d) Subsection 59-12-603(1)(a); or
       (18)(e) Section 59-12-1102. See Utah Code 63N-2-502
• 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
• New tax revenue: means construction revenue, offsite revenue, and onsite revenue. See Utah Code 63N-2-502
• Offsite revenue: means revenue generated from state taxes and local taxes imposed on transactions by a third-party seller occurring other than on hotel property during the eligibility period, if:
       (20)(a) the transaction is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act; and
       (20)(b) the third-party seller voluntarily consents to the disclosure of information to the office, as provided in Subsection 63N-2-505(2)(b)(i)(E). See Utah Code 63N-2-502
• Onsite revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring on hotel property during the eligibility period. See Utah Code 63N-2-502
• 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
• Personal property: includes :
       (25)(a) money;
       (25)(b) goods;
       (25)(c) chattels;
       (25)(d) effects;
       (25)(e) evidences of a right in action;
       (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
       (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
• Personal property: All property that is not real property.
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public infrastructure: means :
       (22)(a) water, sewer, storm drainage, electrical, telecommunications, and other similar systems and lines;
       (22)(b) streets, roads, curbs, gutters, sidewalks, walkways, parking facilities, and public transportation facilities; and
       (22)(c) other buildings, facilities, infrastructure, and improvements that benefit the public. See Utah Code 63N-2-502
• Qualified hotel: means a full-service hotel development constructed in the state on or after July 1, 2014 that:
       (23)(a) requires a significant capital investment;
       (23)(b) includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and
       (23)(c) is located within 1,000 feet of a convention center that contains at least 500,000 square feet of convention, exhibit, and meeting space. See Utah Code 63N-2-502
• Qualified hotel owner: means a person who owns a qualified hotel. See Utah Code 63N-2-502
• Review committee: means the independent review committee established under Section 63N-2-504. See Utah Code 63N-2-502
• Significant capital investment: means an amount of at least $200,000,000. See Utah Code 63N-2-502
• 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 portion: means the portion of new tax revenue that is generated by state taxes. See Utah Code 63N-2-502
• 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
• State taxes: means a tax imposed under Subsection 59-12-103(2)(a)(i), (2)(b)(i), (2)(c)(i), or (2)(e)(i)(A). See Utah Code 63N-2-502
• Third-party seller: means a person who is a seller in a transaction:
       (29)(a) occurring other than on hotel property;
       (29)(b) that is:

            (29)(b)(i) the sale, rental, or lease of a room or of convention or exhibit space or other facilities on hotel property; or

            (29)(b)(ii) the sale of tangible personal property or a service that is part of a bundled transaction, as defined in Section 59-12-102, with a sale, rental, or lease described in Subsection (29)(b)(i); and
       (29)(c) that is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-2-502
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5