63N-2-104. Creation of economic development zones — Tax credits — Assignment of tax credit.
(1) |
The office may create an economic development zone in the state if the following requirements are satisfied:
Terms Used In Utah Code 63N-2-104- 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
- Development zone: means an economic development zone created under Section 63N-2-104. See Utah Code 63N-2-103
- 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, town, or metro township. 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
- Tax credit: means an economic development tax credit created by Section 59-7-614. See Utah Code 63N-2-103
(a) |
the area is located within a commercial or industrial zone; |
(b) |
the local government entity having jurisdiction over the area supports the creation of the development zone; and |
(c) |
the local government entity described in Subsection (1)(b) provides or commits to provide local incentives within the area in accordance with the local government entity’s approved incentive policy. |
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(2) |
A local government entity may, for the purpose of incentivizing new commercial projects within the local government entity’s boundaries, create an economic development zone if the following requirements are satisfied:
(a) |
the area is located:
(i) |
within a commercial or industrial zone; and |
(ii) |
within the geographic boundaries of the local government entity; |
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(b) |
the local government entity adopts a long-term plan that addresses the following planning elements within the area:
(i) |
transportation and infrastructure; |
(ii) |
workforce development; and |
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(c) |
the office approves the local government entity’s request to create the development zone. |
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Amended by Chapter 200, 2022 General Session
Amended by Chapter 362, 2022 General Session