§ 17-31-9. Payment to Stay Another Day and Bounce Back Fund and Hotel Impact Mitigation Fund. (Effective 5/13/2014)

     A county in which a qualified hotel, as defined in Section 63M-1-3402, is located shall:

(1) make an annual payment to the Division of Finance:

(a) for deposit into the Stay Another Day and Bounce Back Fund, established in Section 63M-1-3411;

(b) for any year in which the Governor's Office of Economic Development issues a tax credit certificate, as defined in Section 63M-1-3402; and

(c) in the amount of 5% of the state portion, as defined in Section 63M-1-3402; and

(2) make payments to the Division of Finance:

(a) for deposit into the Hotel Impact Mitigation Fund, created in Section 63M-1-3412;

(b) for each year described in Subsection 63M-1-3412(5)(a)(ii) during which the balance of the Hotel Impact Mitigation Fund, defined in Section 63M-1-3412, is less than $2,100,000 before any payment for that year under Subsection 63M-1-3412(5)(a); and

(c) in the amount of the difference between $2,100,000 and the balance of the Hotel Impact Mitigation Fund, defined in Section 63M-1-3412, before any payment for that year under Subsection 63M-1-3412(5)(a).

Enacted by Chapter 429, 2014 General Session