§ 63H-1-501. Authority receipt and use of tax increment -- Distribution of tax increment. (Effective 5/13/2014)

(1)

(a) The authority may:

(i) subject to Subsection (1)(b), receive up to 75% of the tax increment for up to 25 years, as provided in this part; and

(ii) use the tax increment during and after the period described in Subsection (1)(a)(i).

(b) With respect to a parcel located within a project area, the 25-year period described in Subsection (1)(a)(i) shall begin on the day on which the authority receives the first tax increment from that parcel.

(2) Improvements on a parcel within a project area become subject to property tax on January 1 immediately following the day on which the authority or an entity designated by the authority issues a certificate of occupancy with respect to those improvements.

(3) Each county that collects property tax on property within a project area shall pay and distribute to the authority the tax increment and dedicated tax collections that the authority is entitled to collect under this title, in the manner and at the time provided in Section 59-2-1365.

(4)

(a) The board shall determine by resolution when the entire project area or an individual parcel within a project area is subject to tax increment.

(b) The board shall amend the project area budget to reflect whether a parcel within a project area is subject to tax increment.

Amended by Chapter 183, 2014 General Session