2006 Utah Code - 63-38f-1309 — Establishment of the Economic Incentive Restricted Account.

     63-38f-1309.   Establishment of the Economic Incentive Restricted Account.
     (1) There is created a restricted account in the General Fund known as the Economic Incentive Restricted Account.
     (2) The account shall be used to make payments as required under Sections 63-38f-1306 and 63-38f-1705.
     (3) (a) The Division of Finance shall transfer from the General Fund the amount estimated by the office from new state revenues needed to make the partial rebates as allowed in Sections 63-38f-1306 and 63-38f-1705.
     (b) The amount transferred into the account shall be reduced by any unencumbered balances in the account.
     (4) Not withstanding Subsections 51-5-3(23)(b) and 63-38-9(4)(c), after receiving a request for payment, in accordance with Subsection 63-38f-1306(2) or 63-38f-1705(2), the Division of Finance shall pay the partial rebates as allowed in Section 63-38f-1306 or 63-38f-1705, from the account.
     (5) (a) Prior to the beginning of each fiscal year, the office shall notify the Governor's Office of Planning and Budget, the Office of Legislative Fiscal Analyst, and the Division of Finance of:
     (i) the estimated amount of new state revenues created from economic growth in the development zones, the estimate detailed by the amounts from:
     (A) sales tax;
     (B) income tax; and
     (C) corporate franchise and income tax; and
     (ii) the estimated amount partial rebates projected to be paid in the upcoming fiscal year, the estimates detailed by the amounts from:
     (A) sales tax;
     (B) income tax; and
     (C) corporate franchise and income tax.
     (b) The office shall update the estimates required by Subsections (5)(a)(i) and (ii) within 30 days of the signing of each new agreement entered into under this part or Title 63, Chapter 38f, Part 17, Economic Development Incentives Act.

Amended by Chapter 272, 2005 General Session
Renumbered and Amended by Chapter 148, 2005 General Session