UTA LEG Housing Transit Reinvestment

On Feb. 29, UTA LEG passed bill amending housing, transit zones.

  • UTA LEG passed SB0208S02, amending provisions relating to housing and transit reinvestment zones, including definition, affordable housing thresholds.
  • Amends UTA LEG 63N-3-602, UTA LEG 63N-3-603, UTA LEG 63N-3-604, UTA LEG 63N-3-605, UTA LEG 63N-3-607, UTA LEG 63N-3-610; enacts new UTA LEG 63N-3-611.
  • Provisions
  • Bill amends definitions related to zones and requires 12% of proposed dwelling units be reserved for certain levels of income at each stage of zone's development.
  • Mandates a minimum zone size of 10 acres and clarifies notice requirements to certain entities re commencement of collection of tax increment in the reinvestment zone.
  • Clarifies information required in housing and transit reinvestment zone proposal.
  • Amends provisions regarding the overlap of a housing and transit reinvestment zone with a community reinvestment project area and tax capture provisions for sales, use.
  • Create a new section 63N-3-611 allows for municipality to make corresponding adjustments to any parcel boundary adjustments made by county assessor or auditor.
  • Legislative History
  • On Feb. 8, 2024, bill introduced in Senate; on Feb. 20, 2024, bill passed Senate.
  • On Feb. 20, 2024, bill introduced in House; on Feb. 29, 2024, bill passed House.
  • Effectiveness
  • Upon approval by governor or veto override, SB 208 is effective May 1, 2024.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 21, 2024, UTA LEG reported governor signed SB 208 re housing/transit funds.

Regulators UTA LEG
Entity Types CNSM; Corp
Reference Bill SB208, 3/21/2024; Bill, SB0208S02, 2/29/2024; Citation: *UTA LEG* 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-607, 63N-3-610;
Functions Compliance; Financial; Legal; Tax
Countries United States of America
Products Corporate
Regions Am
Rule Type Final
Rule Date 2/29/2024
Effective Date 5/1/2024
Rule Id 203133
Linked to N/A
Reg. Last Update 3/21/2024
Report Section US Consumer

Last substantive update on 03/25/2024