§ 63M-1-3408. Payment of incremental property tax revenue. (Effective 5/13/2014)

(1)

(a) In accordance with rules adopted by the office, a host agency shall be paid incremental property tax revenue during the eligibility period.

(b) Incremental property tax revenue may be used only for:

(i) the purchase of or payment for, or reimbursement of a previous purchase of or payment for:

(A) tangible personal property used in the construction of convention, exhibit, or meeting space on hotel property;

(B) tangible personal property that, upon the construction of hotel property, becomes affixed to hotel property as real property; or

(C) any labor and overhead costs associated with the construction described in Subsections (1)(b)(i)(A) and (B);

(ii) public infrastructure; and

(iii) other purposes as approved by the host agency.

(2) A county that collects property tax on hotel property during the eligibility period shall pay and distribute to the host agency the incremental property tax revenue that the host agency is entitled to collect under Subsection (1), in the manner and at the time provided in Section 59-2-1365.

Enacted by Chapter 429, 2014 General Session