Utah Code 63N-2-510. Report by office — Posting of report
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(1) The office shall include the following information in the office’s annual written report described in Section 63N-1a-306:
Terms Used In Utah Code 63N-2-510
- 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
- New state revenue: means the state revenue collected from a business entity or a business entity's employees during a calendar year minus the baseline state revenue calculation. See Utah Code 63N-1a-102
- Qualified hotel: means a full-service hotel development constructed in the state on or after July 1, 2014 that:(23)(a) requires a significant capital investment;(23)(b) includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and(23)(c) is located within 1,000 feet of a convention center that contains at least 500,000 square feet of convention, exhibit, and meeting space. 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 revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions:
(12)(a) Title 59, Chapter 7, Corporate Franchise and Income Taxes;(12)(b) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information;(12)(c) Title 59, Chapter 10, Part 2, Trusts and Estates;(12)(d) Title 59, Chapter 10, Part 4, Withholding of Tax; and(12)(e) Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102(1)(a) the state‘s success in attracting new conventions and corresponding new state revenue;(1)(b) the estimated amount of convention incentive commitments and the associated calculation made by the office and the period of time over which convention incentives are expected to be paid;(1)(c) the economic impact on the state related to generating new state revenue and providing convention incentives; and(1)(d) the estimated and actual costs and economic benefits of the convention incentive commitments that the office made.(2) Upon the commencement of the construction of a qualified hotel, the office shall send a written notice to the Division of Finance:(2)(a) referring to the two annual deposits required under Subsection 59-12-103(10); and(2)(b) notifying the Division of Finance that construction on the qualified hotel has begun.