59-36-301. TIF entity reporting requirements.

683 words·~3 min read·/ut/title-59/chapter-36/59-36-301

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

Effective 5/6/2026

(1)On or before January 1, 2027, a TIF entity shall submit to the program manager for each project area:

(a)the project area plan;

(b)the project area budget;

(c)applicable interlocal agreements; and

(d)a map of each project area.

(2)A TIF entity shall submit the information described in Subsection

(1)for a new project area created after January 1, 2027, before January 1 of the year after the year in which the project area is created.

(3)On January 1, 2028, and on each January 1 thereafter, a TIF entity shall submit to the program manager a summary of the progress of each project area.

(4)The program manager shall establish the manner in which a TIF entity shall submit the information described in Subsections

(1)through

(3).

(5)Annually, the program manager shall collect, with input from the county and the TIF entities:

(a)an assessment of the change in the project area's value, including:

(i)the taxable value from the established base year;

(ii)the estimated current assessed value; and

(iii)the percentage change between the base taxable value and the estimated current assessed value;

(i)if the TIF entity has received tax increment from a project area, the amount of tax increment by calendar year, including:

(A)a comparison of the actual tax increment received for each year to the forecasted tax increment for each year when the TIF entity created the project area;

(B)the TIF entity's historical receipts and expenditures of tax increment for each project area budget;

(C)a list of each taxing entity that imposes a tax within the project area;

(D)a description of the benefits that each taxing entity receives from the project area; and

(E)the percentage of additional value that each taxing entity provides to the project area; or

(ii)if the TIF entity has not yet received tax increment from an approved project area:

(A)the year in which the TIF entity expects to begin receiving tax increment for the project area;

(B)a list of each taxing entity that imposes a tax within the project area;

(C)a description of the benefits that each taxing entity is expected to receive from the project area; and

(D)the percentage of additional value that each taxing entity provides to the project area;

(c)the total amount of tax increment a TIF entity may receive from the project area cumulatively and from each taxing entity;

(d)the total amount of tax increment the TIF entity pays to a taxing entity, if applicable;

(e)a TIF entity's outstanding principal on bonds or loans for project area costs;

(f)a description of current and anticipated project area development, including:

(i)any significant infrastructure development, site development, participation agreements, or vertical construction within the project area; and

(ii)other details of TIF entity action and development within the project area, including:

(A)the total acreage developed after the TIF entity established the project area;

(B)the total undeveloped acreage the TIF entity expects to develop before the project area is dissolved;

(C)the percentage of residential development, if applicable; and

(D)the total number of housing units authorized, if applicable;

(g)a summary of the portions of the project area plan and the budget that include:

(i)the number of years remaining that the TIF entity may receive tax increment from the project area;

(ii)the estimated amount of tax increment that the TIF entity is authorized to receive from the project area for the current calendar year; and

(iii)the estimated amount of tax increment to be paid to the TIF entity for the next calendar year; and

(h)a description of how the receipt of tax increment during the previous year furthered the goals, policies, and purposes of the project area.

(6)The provisions of this section apply regardless of when the project area is created.

(7)Any information a TIF entity submits in accordance with this section is for informational purposes only.

Enacted by Chapter 274 , 2026 General Session