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
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
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
Eligibility period: means :
(a)
the period that:
(i)
begins the date construction of a qualified hotel begins; and
(ii)
ends:
(A)
for purposes of the state portion, 20 years after the date of initial occupancy of that qualified hotel; or
(B)
for purposes of the local portion and incremental property tax revenue, 25 years after the date of initial occupancy of that hotel; or
(b)
as provided in an agreement between the office and a qualified hotel owner or host local government, a period that:
(i)
begins no earlier than the date construction of a qualified hotel begins; and
(ii)
is shorter than the period described in Subsection (10)(a). See Utah Code 63N-2-502
New tax revenue: means construction revenue, offsite revenue, and onsite revenue. 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
Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5
(2)
(a)
The incentive fund shall be funded by new tax revenue, as provided in Subsection (3).
(b)
No legislative appropriation is required to fund the incentive fund.
(c)
All interest generated from the investment of money in the incentive fund shall be deposited into the incentive fund.
(3)
(a)
During the portion of the eligibility period specified by the office under Subsection 63N-2-505(7)(a), the commission shall cause new tax revenue to be deposited into the incentive fund as provided in this Subsection (3).
(b)
To the extent the commission is able to identify sellers involved in transactions generating state taxes or local taxes before the payment of those taxes, the commission shall deposit new tax revenue directly into the incentive fund, notwithstanding Subsection 59-12-103(3) and before the allocations required by Section 59-12-204, Subsection 59-12-205(2), Section 59-12-401, Section 59-12-603, and Section 59-12-1102.
(c)
The commission shall, within 30 days after the office provides the information required under Subsection 63N-2-505(7)(b):
(i)
except as provided in Subsection (3)(d), withhold from distribution to counties, cities, and towns the local portion of new tax revenue not deposited into the incentive fund under Subsection (3)(b) and transfer that local portion to the incentive fund; and
(ii)
transfer to the incentive fund any state portion of new tax revenue not deposited into the incentive fund under Subsection (3)(b).
(d)
The commission may equalize over a 12-month period the withholding required under Subsection (3)(c)(i) for a county, city, or town that requests equalization.
(4)
One year after the end of the eligibility period, the commission shall transfer any money remaining in the incentive fund to the Stay Another Day and Bounce Back Fund created in Section 63N-2-511, except to the extent the money is needed to pay an unpaid certified claim.
(5)
Except as otherwise provided in this chapter, an agreement with or approval by a local government entity is not required for the use of the state portion or local portion to fund a convention incentive.
(6)
Distributions of money from the incentive fund shall be in accordance with Section 63N-2-505.
