Terms Used In Utah Code > Title 63N > Chapter 2 > Part 1 - Economic Development Tax Increment Financing

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• business entity: includes a nonprofit entity. See Utah Code 63N-2-103
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• 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
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Development zone: means an economic development zone created under Section 63N-2-104. See Utah Code 63N-2-103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• High paying job: means a newly created full-time employee position where the aggregate average annual gross wage of the employment position, not including health care or other paid or unpaid benefits, is:

  (a)	at least 110% of the average wage of the county in which the employment position exists; or

  (b)

  for an employment position related to a project described in 1, and that is located within the boundary of a county of the third, fourth, fifth, or sixth class, or located within a municipality in a county of the second class and where the municipality has a population of 10,000 or less: (i)  at least 100% of the average wage of the county in which the employment position exists; or (ii)  an amount determined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if the office determines the project is in a county experiencing economic distress. See Utah Code 63N-1a-102 Incremental job: includes a full-time employment position where the employee is hired: (i)  directly by a business entity; or (ii)  by a professional employer organization, as defined in Section 31A-40-102, on behalf of a business entity. See Utah Code 63N-1a-102 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, town, or metro township. See Utah Code 63N-2-103 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 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 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 Person: means :Utah Code 68-3-12.5 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Remote work opportunity: means a new commercial project that: (a)  does not require a physical office in the state where employees associated with the new commercial project are required to work; and (b)  requires employees associated with the new commercial project to: (i)  work remotely from a location within the state; and (ii)  maintain residency in the state. See Utah Code 63N-2-103 Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5 Significant capital investment: means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state. 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 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)  1; (c)  2; (d)  4; and (e)  Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102 Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102 Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102 Tax credit: means an economic development tax credit created by Section 59-7-614. See Utah Code 63N-2-103 Tax credit certificate: means a certificate issued by the office that: (a)  lists the name of the business entity to which the office authorizes a tax credit; (b)  lists the business entity's taxpayer identification number; (c)  lists the amount of tax credit that the office authorizes the business entity for the taxable year; and (d)  may include other information as determined by the office. See Utah Code 63N-2-103 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Written agreement: means a written agreement entered into between the office and a business entity under Section 63N-2-104. See Utah Code 63N-2-103