Utah § 63N-3-1707 Approval of a major sporting event venue zone -- Effective date of a major sporting event venue zone -- Establishment of qualified development zone boundary -- Base taxable value year.

Utah Statutes

§ 63N-3-1707 — Approval of a major sporting event venue zone -- Effective date of a major sporting event venue zone -- Establishment of qualified development zone boundary -- Base taxable value year.

Utah·Title 63N Economic Opportunity Act·Ch. 63N-3 Economic Development Programs·Part 63N-3-17 Major Sporting Event Venue Zone Act

(1)A major sporting event venue zone proposal may be approved, with or without modifications, by a majority vote of the committee.

(2)(2)(a) The effective date of a major sporting event venue zone is January 1 following the approval of a proposal by the committee, as described in Subsection (1).

(2)(b) The collection of property tax increment or local sales and use tax increment may not be triggered before the effective date.

(3)(3)(a) The base taxable value of land within an approved major sporting event venue zone is determined as of January 1 of the year in which the committee approves a major sporting event venue zone proposal.

(3)(b) In approving the major sporting event venue zone, the committee shall establish:

(3)(b)(i) the qualified development zone area for the purpose of calc

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(1) A major sporting event venue zone proposal may be approved, with or without modifications, by a majority vote of the committee.
(2) (2)(a) The effective date of a major sporting event venue zone is January 1 following the approval of a proposal by the committee, as described in Subsection (1).
(2)(b) The collection of property tax increment or local sales and use tax increment may not be triggered before the effective date.
(3) (3)(a) The base taxable value of land within an approved major sporting event venue zone is determined as of January 1 of the year in which the committee approves a major sporting event venue zone proposal.
(3)(b) In approving the major sporting event venue zone, the committee shall establish:
(3)(b)(i) the qualified development zone area for the purpose of calculating property tax increment;
(3)(b)(ii) the sales and use tax boundary for the purpose of calculating local sales and use tax increment;
(3)(b)(iii) the percent of property tax increment that may be captured in the major sporting event venue zone;
(3)(b)(iv) the percent of local sales and use tax increment that may be captured in the major sporting event venue zone;
(3)(b)(v) the amount of time that property tax increment, local sales and use tax increment, or both may be captured in the major sporting event venue zone; and
(3)(b)(vi) the maximum amount of revenue from property tax increment, local sales and use tax increment, or both may be captured in the major sporting event venue zone.
(4) The creating entity of a major sporting event venue zone is responsible for tracking the revenue received from property tax increment, local sales and use tax increment, or both, and reporting to the county auditor and State Tax Commission if the creating entity reaches the maximum described in Subsection (3)(b)(vi) before the relevant time period described in Subsection (3)(b)(v).

Utah § 63N-3-1707 (Approval of a major sporting event venue zone -- Effective date of a major sporting event venue zone -- Establishment of qualified development zone boundary -- Base taxable value year.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.