UTA LEG Amended Tax Incentives

On Feb. 7, UTA LEG passed bill re tax incentives for new development.

  • UTA LEG passed Bill HB 12 to amend provisions related to tax incentives.
  • Including to regulations at UTA FIN 17C-1-1-102; UTA FIN 17C-1-2-202; UTA FIN 17C-1-6-603; UTA FIN 17C-1-7-702; UTA FIN 17C-5-1-105; and UTA FIN 63N-2-1-104.2.
  • Bill Provisions
  • Bill modifies several provisions related to tax incentives for new development projects.
  • Authorizes a community reinvestment agency to enter into a participation agreement.
  • Relocates language to authorize the agency to enter into a participation agreement.
  • Clarifies data needed for Governor's Office of Economic Opportunity (Office) for inclusion, requires agency with no active project area to submit a report to the Office.
  • Office must refer an agency to state auditor and post notice on its website or report to county auditor and treasurer if an agency is noncompliant with applicable reporting.
  • If an agency has unused project area funds for more than 5 years after the project area funds collection period has expired, the agency must use the funds for housing.
  • An analysis of if project development would be likely to occur with the tax incentives.
  • Legislative History
  • On Dec. 15, 2023, bill introduced in House; on Jan. 16, 2024, bill passed in House.
  • On Jan. 16, 2024, bill delivered to Senate; on Feb. 2, 2024, bill was passed in Senate.
  • On Feb. 2, 2024, bill returned to House; on Feb. 7, 2024, bill prepared for enrolling.
  • Effectiveness
  • Bill would become effective on May 1, 2024.
  • Mar. 2024 UTA LEG Approval
  • On Mar. 18, 2024, UTA LEG governor approved bill HB 12, effective May 1, 2024.

Regulators UTA LEG
Entity Types Corp; IA; Inv Co; MG Orig
Reference Bill, 3/18/2024; Bill HB0012, 2/7/2024; Citation: *UTA FIN* 17C-1-1-102, 17C-1-2-202, 17C-1-6-603, 17C-1-7-702, 17C-5-1-105, 63N-2-1-104.2;
Functions Audit; Compliance; Financial; Legal; Reporting; Tax
Countries United States of America
Products Corporate; Fund Mgt
Regions Am
Rule Type Final
Rule Date 2/7/2024
Effective Date 5/1/2024
Rule Id 200336
Linked to N/A
Reg. Last Update 3/18/2024
Report Section US Investment

Last substantive update on 03/21/2024