Utah Code 17C-4-203. Requirement to file a copy of the resolution or interlocal agreement — County payment of tax increment to the agency

17C-4-203. Requirement to file a copy of the resolution or interlocal agreement — County payment of tax increment to the agency.

(1)

Each agency that is to receive funds under a resolution or interlocal agreement under Section 17C-4-201 shall, within 30 days after the effective date of the resolution or interlocal agreement, file a copy of it with:

Terms Used In Utah Code 17C-4-203

Board: means the governing body of an agency, as described in Section 17C-1-203. See Utah Code 17C-1-102
Community: means a county or municipality. See Utah Code 17C-1-102
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
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:

(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

(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:

(a)	levies a tax on property located within a project area; or

(b)	imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102
(a)	the State Tax Commission, the State Board of Education, and the state auditor; and

(b)	the auditor of the county in which the project area is located, if the resolution or interlocal agreement provides for the agency to receive tax increment from the taxing entity that adopted the resolution or entered into the interlocal agreement.

(2)

Each county that collects property tax on property within a community development project area shall, in the manner and at the time provided in Section 59-2-1365, pay and distribute to the agency the tax increment that the agency is authorized to receive under a resolution approved or an interlocal agreement adopted under Section 17C-4-201.

Amended by Chapter 350, 2016 General Session

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