Utah Code § 63N-2-104

Current through the 2024 Third Special Session

Section 63N-2-104 - Creation of economic development zones - Tax credits - Assignment of tax credit

(1) The office may create an economic development zone in the state if the following requirements are satisfied:

(a) the area is located within a commercial or industrial zone;

(b) the local government entity having jurisdiction over the area supports the creation of the development zone; and

(c) the local government entity described in Subsection (1)(b) provides or commits to provide local incentives within the area in accordance with the local government entity's approved incentive policy.

(2) A local government entity may, for the purpose of incentivizing new commercial projects within the local government entity's boundaries, create an economic development zone if the following requirements are satisfied:

(a) the area is located:

(i) within a commercial or industrial zone; and

(ii) within the geographic boundaries of the local government entity;

(b) the local government entity adopts a long-term plan that addresses the following planning elements within the area:

(i) transportation and infrastructure;

(ii) workforce development; and

(iii) housing needs; and

(c) the office approves the local government entity's request to create the development zone.

Utah Code § 63N-2-104

Amended by Chapter 362, 2022 General Session ,§ 54, eff. 7/1/2022.

Amended by Chapter 200, 2022 General Session ,§ 7, eff. 5/4/2022.

Amended by Chapter 282, 2021 General Session ,§ 146, eff. 7/1/2021, coordination clause

Amended by Chapter 282, 2021 General Session ,§ 91, eff. 7/1/2021.

Amended by Chapter 381, 2021 General Session ,§ 3, eff. 5/5/2021.

Amended by Chapter 281, 2018 General Session ,§ 77, eff. 5/8/2018.

Amended by Chapter 310, 2017 General Session ,§ 2, eff. 5/9/2017.

Amended by Chapter 350, 2016 General Session ,§ 171, eff. 5/10/2016.

Renumbered from § 63M-1-2404 and amended by Chapter 283, 2015 General Session ,§ 69, eff. 5/12/2015.

Amended by Chapter 344, 2015 General Session ,§ 4, eff. 9/1/2015.

Amended by Chapter 392, 2013 General Session ,§ 2, eff. 5/14/2013.

Amended by Chapter 164, 2010 General Session