63N-3-403. Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues.
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Effective 11/6/2025
63N-3-403. Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues.
(1)There is created a fiduciary fund held by the state in a purely custodial capacity known as the Transient Room Tax Fund.
(a)The fund shall be funded by the portion of the sales and use tax imposed by a county of the first class described in Subsection 59-12-301
(2)and the revenue generated by the tax described in Subsection 59-28-103(5) .
(i)The fund shall earn interest.
(ii)Any interest earned on fund money shall be deposited into the fund.
(a)Before July 1, 2027, and subject to Subsection (3)(b) , the executive director shall expend or pledge the money deposited into the fund:
(i)to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class;
(ii)for a purpose listed in Section 17-78-702 , except that any requirements in Section 17-78-702 for the expenditure of money do not apply; or
(iii)for a combination of Subsections (3)(a)(i) and
(ii).
(b)The executive director may not expend more than $20,000,000 in total to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class.
(4)Beginning on July 1, 2027, the executive director shall expend or pledge the money deposited into the fund for:
(a)the benefit of a city of the first class:
(i)in a county of the first class;
(ii)with a convention center; and
(iii)that is not a capital city; and
(b)a purpose listed in Section 17-78-702 , except that any requirements in Section 17-78-702 for the expenditure of money do not apply.
Amended by Chapter 17 , 2025 Special Session 1