§ 63M-1-3413. Authorized expenditures of tax credit money. (Effective 5/13/2014)

(1) A tax credit recipient may spend money received as a direct result of the state portion of a tax credit only for 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)(a) and (b).

(2) A tax credit recipient may spend money received as a direct result of the local portion of a tax credit only for:

(a) a purpose described in Subsection (1);

(b) public infrastructure; and

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

Enacted by Chapter 429, 2014 General Session