63N-2-104.3. Limitations on tax credit amount.

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

Effective 7/1/2025

(1)Except as provided in Subsection (2)(a) , for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds:

(a)50% of the new state revenues from the new commercial project in any given year; or

(b)30% of the new state revenues from the new commercial project over a period of up to 20 years.

(2)If the office authorizes a tax credit for a new commercial project located within the boundary of:

(a)a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;

(b)a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and

(c)a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.

Amended by Chapter 512 , 2025 General Session