Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds:
New commercial project: means an economic development opportunity that:
(a)
involves a targeted industry;
(b)
is located within:
(i)
a county of the third, fourth, fifth, or sixth class; or
(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
(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
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
50% of the new state revenues from the new commercial project in any given year;
(b)
30% of the new state revenues from the new commercial project over a period of up to 20 years; or
(c)
35% of the new state revenues from the new commercial project over a period of up to 20 years, if:
(i)
the new commercial project brings 2,500 or more new incremental jobs to the state;
(ii)
the amount of capital expenditures associated with the new commercial project is $1,000,000,000 or more; and
(iii)
the commission approves the tax credit.
(2)
If the office authorizes a tax credit for a new commercial project located within the boundary of:
(a)
a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;
(b)
a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and
(c)
a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.
