Utah Code 63N-2-104. Creation of economic development zones — Tax credits — Assignment of tax credit
Current as of: 2024 | Check for updates
|
Other versions
(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, or town. 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
(1)(a) the area is located within a commercial or industrial zone;
(1)(b) the local government entity having jurisdiction over the area supports the creation of the development zone; and
(1)(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.
(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:
(2)(a) the area is located:
(2)(a)(i) within a commercial or industrial zone; and
(2)(a)(ii) within the geographic boundaries of the local government entity;
(2)(b) the local government entity adopts a long-term plan that addresses the following planning elements within the area:
(2)(b)(i) transportation and infrastructure;
(2)(b)(ii) workforce development; and
(2)(b)(iii) housing needs; and
(2)(c) the office approves the local government entity’s request to create the development zone.