§ 63N-2-104.3 — Limitations on tax credit amount.

Utah § 63N-2-104.3

• Jurisdiction: Utah
• Title 63N: Economic Opportunity Act
• Ch. 63N-2: Tax Credit Incentives for Economic Development
• Part 63N-2-1: Economic Development Tax Increment Financing

Text

(1) Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds:
(1)(a) 50% of the new state revenues from the new commercial project in any given year; or
(1)(b) 30% of the new state revenues from the new commercial project over a period of up to 20 years.
(2) If the office authorizes a tax credit for a new commercial project located within the boundary of:
(2)(a) a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;
(2)(b) a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and
(2)(c) a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.

Legislative History

Amended by Chapter 512, 2025 General Session