59-36-201. Advance disclosure for use of tax increment.

332 words·~2 min read·/ut/title-59/chapter-36/59-36-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

(1)Beginning July 1, 2026, a TIF entity intending to use tax increment shall, before each specified event:

(a)conduct an authorization meeting; and

(b)submit the disclosure described in Subsection

(3).

(2)An authorization meeting may be part of another public meeting of the TIF entity's governing body if the disclosure and agenda for the public meeting clearly describe the authorization meeting portion of the public meeting.

(3)Within 30 days after the day on which a TIF entity holds an authorization meeting, a TIF entity shall submit a disclosure to the program manager that includes:

(a)a copy of the notice for and the minutes from the TIF entity's authorization meeting;

(b)the public good to be addressed through the use of tax increment, including a description of each project the TIF entity intends to pursue with the use of tax increment;

(c)the type of tax increment sought for use;

(d)the amount of tax increment that a TIF entity is authorized to use as a result of a specified event:

(i)in total; and

(ii)separately for property tax increment and sales and use tax increment, if the TIF entity seeks to use more than one type of tax increment;

(e)a cost analysis reflecting the administrative costs imposed on the commission and the county to administer the collection, calculation, and distribution of the proposed tax increment;

(f)a but-for analysis of each project the TIF entity intends to pursue with the use of tax increment; and

(g)an explanation of how the benefit to residents or taxpayers near the project area is proportionate to the benefit to any party benefiting from the TIF entity's use of tax increment, as described in Section 59-36-202 .

(4)A TIF entity shall comply with the requirements of this part every time the TIF entity intends to engage in a specified event.

Enacted by Chapter 274 , 2026 General Session