2006 Utah Code - 63-38f-1302 — Definitions.

     63-38f-1302.   Definitions.
     As used in this part:
     (1) "Development zone" means the Aerospace and Aviation Development Zone created under Section 63-38f-1303.
     (2) "Indirect state revenues" means the imputed use of a generally accepted indirect economic multiplier as defined by a fiscal impact model approved by the Governor's Office of Planning and Budget to quantify by estimate the indirect state tax revenues that are in addition to direct state tax revenues.
     (3) "New state revenues" means incremental new state tax revenues that are generated as a result of new economic commercial projects in a development zone, to include the state's portion of sales taxes, and company and employee income taxes derived from the projects, together with indirect state revenues generated by the projects, but not to include any portion of sales taxes earmarked for local governments or other taxing jurisdictions eligible for sales tax revenues.
     (4) "Office" means the Governor's Office of Economic Development acting through its director.
     (5) "Partial rebates" means returning a portion of the new state revenues generated by new commercial projects to companies or individuals that have created new economic growth within a development zone.

Renumbered and Amended by Chapter 148, 2005 General Session