Utah Code 63N-2-510. Report by office — Posting of report

63N-2-510. Report by office — Posting of report.

(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:

(a)	requires a significant capital investment;

(b)	includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and

(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:

(a)	Title 59, Chapter 7, Corporate Franchise and Income Taxes;

(b)

(c)

(d)

4; and

(e)	Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102
(a)	the state‘s success in attracting new conventions and corresponding new state revenue;

(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;

(c)	the economic impact on the state related to generating new state revenue and providing convention incentives; and

(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:

(a)	referring to the two annual deposits required under Subsection 59-12-103(10); and

(b)	notifying the Division of Finance that construction on the qualified hotel has begun.

Amended by Chapter 471, 2023 General Session

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