17C-5-203. Community reinvestment project area subject to taxing entity committee -- Tax increment.
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Effective 5/14/2019
17C-5-203. Community reinvestment project area subject to taxing entity committee -- Tax increment.
(1)This section applies to a community reinvestment project area that an agency created before May 14, 2019, and that is subject to a taxing entity committee under Subsection 17C-5-202(2) .
(2)Subject to the taxing entity committee's approval of a community reinvestment project area budget under Section 17C-5-304 , and for the purpose of implementing a community reinvestment project area plan, an agency may receive up to 100% of a taxing entity's tax increment, or any specified dollar amount of tax increment, for any period of time.
(3)Notwithstanding Subsection
(2), an agency that adopts a community reinvestment project area plan that is subject to a taxing entity committee may negotiate and enter into an interlocal agreement with a taxing entity and receive all or a portion of the taxing entity's sales and use tax revenue for any period of time.
Amended by Chapter 376 , 2019 General Session