2006 Utah Code - 17C-1-401 — Agency receipt and use of tax increment and sales tax -- Distribution of tax increment and sales tax.

     17C-1-401.   Agency receipt and use of tax increment and sales tax -- Distribution of tax increment and sales tax.
     (1) An agency may receive and use tax increment and sales tax, as provided in this part.
     (2) (a) The applicable length of time or number of years for which an agency is to be paid tax increment or sales tax under this part shall be measured:
     (i) for a pre-July 1, 1993 project area plan, from the first tax year regarding which the agency accepts tax increment from the project area;
     (ii) for a post-June 30, 1993 urban renewal or economic development project area plan, from the first tax year for which the agency receives tax increment under the project area budget; or
     (iii) for a community development project area plan, as indicated in the resolution or interlocal agreement of a taxing entity that establishes the agency's right to receive tax increment or sales tax.
     (b) Tax increment may not be paid to an agency for a tax year prior to the tax year following:
     (i) for an urban renewal or economic development project area plan, the effective date of the project area plan; and
     (ii) for a community development project area plan, the effective date of the interlocal agreement that establishes the agency's right to receive tax increment.
     (3) With respect to a community development project area plan, a taxing entity may, by resolution or through interlocal agreement, authorize an agency to be paid any or all of that taxing entity's tax increment or sales tax for any period of time.
     (4) With the written consent of a taxing entity, an agency may be paid tax increment, from that taxing entity's tax revenues only, in a higher percentage or for a longer period of time, or both, than otherwise authorized under this title.
     (5) Each county that collects property tax on property within a project area shall pay and distribute to the agency the tax increment that the agency is entitled to collect under this title, in the manner and at the time provided in Section 59-2-1365.

Renumbered and Amended by Chapter 359, 2006 General Session