reglab/statecodes huggingface dataset:
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 5 - New Convention Facility Development Incentives › Section 512 - Hotel Impact Mitigation Fund.

Affected by 63I-1-263 on 7/1/2028
Effective 5/3/2023
63N-2-512.
Hotel Impact Mitigation Fund.
(1) As used in this section:
(a) "Affected hotel" means a hotel built in the state before July 1, 2014.
(b) "Direct losses" means affected hotels' losses of hotel guest business attributable to the qualified hotel room supply being added to the market in the state.
(c) "Mitigation fund" means the Hotel Impact Mitigation Fund, created in Subsection (2).
(2) There is created an expendable special revenue fund known as the Hotel Impact Mitigation Fund.
(3) The mitigation fund shall:
(a) be administered by the GO Utah board;
(b) earn interest; and
(c) be funded by:
(i) payments required to be deposited into the mitigation fund by the Division of Finance under Subsection 59-12-103(10);
(ii) money required to be deposited into the mitigation fund under Subsection 17-31-9(2) by the county in which a qualified hotel is located; and
(iii) any money deposited into the mitigation fund under Subsection (6).
(4) Interest earned by the mitigation fund shall be deposited into the mitigation fund.
(5)
(a) In accordance with office rules, the GO Utah board shall annually pay up to $2,100,000 of money in the mitigation fund:
(i) to affected hotels;
(ii) for four consecutive years, beginning 12 months after the date of initial occupancy of the qualified hotel occurs; and
(iii) to mitigate direct losses.
(b)
(i) If the amount the GO Utah board pays under Subsection (5)(a) in any year is less than $2,100,000, the GO Utah board shall pay to the Stay Another Day and Bounce Back Fund, created in Section 63N-2-511, the difference between $2,100,000 and the amount paid under Subsection (5)(a).
(ii) The GO Utah board shall make any required payment under Subsection (5)(b)(i) within 90 days after the end of the year for which a determination is made of how much the GO Utah board is required to pay to affected hotels under Subsection (5)(a).
(6) A host local government or qualified hotel owner may make payments to the Division of Finance for deposit into the mitigation fund.
(7) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall, in consultation with the Utah Hotel and Lodging Association and the county in which the qualified hotel is located, make rules establishing procedures and criteria governing payments under Subsection (5)(a) to affected hotels.
Amended by Chapter 471, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 5 - New Convention Facility Development Incentives › Section 513 - Authorized expenditures of convention incentive.

Effective 7/1/2015
63N-2-513.
Authorized expenditures of convention incentive.
(1) A qualified hotel owner or host local government may spend money received from the state portion of a convention incentive only for a purpose described in Subsection 63N-2-508(2)(a).
(2) A qualified hotel owner or host local government may spend money received from the local portion of a convention incentive only for:
(a) a purpose described in Subsection (1);
(b) public infrastructure; and
(c) other purposes as specified in the agreement.
Renumbered and Amended by Chapter 283, 2015 General Session
Amended by Chapter 417, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 801 - Title.

Effective 5/12/2015
63N-2-801.
Title.
This part is known as the "Technology and Life Science Economic Development Act."
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 802 - Definitions.

Effective 5/10/2016
63N-2-802.
Definitions.
As used in this part:
(1) "Claimant" means the same as that term is defined in Section 59-10-1002.
(2) "Eligible claimant, estate, or trust" means a claimant, estate, or trust that:
(a) enters into an agreement with the office in accordance with this part to receive a tax credit certificate for a tax credit under Section 59-10-1025; and
(b) receives a tax credit certificate from the office in accordance with this part.
(3) "Life science establishment" means the same as that term is defined in Section 59-10-1025.
(4) "Tax credit" means a tax credit under Section 59-10-1025.
(5) "Tax credit applicant" means a person that applies to the office to receive a tax credit certificate under this part.
(6) "Tax credit certificate" means a certificate issued by the office that:
(a) lists the name of the tax credit certificate recipient;
(b) lists the tax credit certificate recipient's taxpayer identification number;
(c) lists the amount of the tax credit certificate recipient's tax credits authorized under this part for a taxable year; and
(d) includes other information as determined by the office.
(7) "Tax credit certificate recipient" means an eligible claimant, estate, or trust that receives a tax credit certificate in accordance with this part for a tax credit under Section 59-10-1025.
Amended by Chapter 354, 2016 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 803 - Tax credits issued by office.

Effective 5/10/2016
63N-2-803.
Tax credits issued by office.
(1) The office may issue tax credit certificates under this part only to the extent that the Legislature, by statute, expressly authorizes the office to issue the tax credit certificates under this part for a fiscal year.
(2)
(a) For fiscal year 2011-12 only, the office may issue a total of $1,300,000 in tax credit certificates in accordance with this part.
(b) For fiscal year 2016-17 only, the office may issue a total of $150,000 in tax credit certificates in accordance with this part.
(c) For fiscal year 2017-18 only, the office may issue a total of $150,000 in tax credit certificates in accordance with this part.
(3) If the total amount of tax credit certificates the office issues in a fiscal year is less than the amount of tax credit certificates the office may issue under this part in a fiscal year, the office may issue the remaining amount of tax credit certificates in a fiscal year after the fiscal year for which there is a remaining amount of tax credit certificates.
Amended by Chapter 354, 2016 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 804 - Person may not claim or pass through a tax credit without tax credit certificate.

Effective 5/12/2015
63N-2-804.
Person may not claim or pass through a tax credit without tax credit certificate.
A person may not claim or pass through a tax credit unless the person has received a tax credit certificate from the office for the taxable year for which the person claims or passes through the tax credit.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 805 - Application process.

Effective 5/12/2015
63N-2-805.
Application process.
(1) A tax credit applicant may apply to the office to receive a tax credit certificate by filing an application with the office:
(a) on or before the quarterly deadline established by the office by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and
(b) on a form and in the manner prescribed by the office.
(2) The application shall include:
(a) tax return information as required by the office that is necessary for the office to determine eligibility for and the amount of a tax credit; and
(b) other documentation as required by the office.
(3) As part of the application required by this section, a tax credit applicant shall sign a separate document that expressly directs and authorizes the State Tax Commission to disclose to the office the tax credit certificate recipient's tax returns and other information concerning the tax credit certificate that:
(a) would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103, Internal Revenue Code; and
(b) are necessary for the office to determine eligibility for and the amount of a tax credit under this part.
(4) Upon receipt of the document described in Subsection (3), the State Tax Commission shall provide the office with the tax returns and other information requested by the office that the tax credit applicant directed or authorized the State Tax Commission to provide to the office, including information necessary to determine eligibility for the amount of a tax credit.
(5) If the office determines that the information a tax credit applicant provides is inadequate to provide a reasonable justification for authorizing a tax credit, the office shall:
(a) deny the tax credit; or
(b) inform the tax credit applicant that the information is inadequate and ask the tax credit applicant to submit new or additional documentation.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 806 - Criteria for tax credits.

Effective 5/10/2016
63N-2-806.
Criteria for tax credits.
(1) A tax credit applicant shall establish as part of the application required by Section 63N-2-805 that the tax credit applicant:
(a) meets all of the criteria to receive the tax credit for which the tax credit applicant applies, except for the requirement to obtain a tax credit certificate; and
(b) will provide a long-term economic benefit to the state.
(2) The office may not issue a tax credit certificate to a tax credit applicant if:
(a) the tax credit applicant fails to meet the requirements of Subsection (1)(a); and
(b) the life science establishment does not enter into an agreement described in Section 63N-2-808 with the office.
Amended by Chapter 354, 2016 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 807 - Rulemaking authority.

Effective 5/12/2015
63N-2-807.
Rulemaking authority.
The office shall, by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, establish:
(1) criteria to prioritize the issuance of tax credits amongst tax credit applicants in a manner consistent with this part; and
(2) procedures for documenting the office's application of the criteria described in Subsection (1).
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 808 - Agreements between office and tax credit applicant and life science establishment -- Tax credit certificate.

Effective 7/1/2021
63N-2-808.
Agreements between office and tax credit applicant and life science establishment -- Tax credit certificate.
(1)
(a) The office, with advice from the GO Utah board, may enter into an agreement to grant a tax credit certificate to a tax credit applicant selected in accordance with this part, if the tax credit applicant meets the conditions established in the agreement and under this part.
(b) The agreement described in Subsection (1)(a) shall:
(i) detail the requirements that the tax credit applicant shall meet prior to receiving a tax credit certificate;
(ii) require the tax credit certificate recipient to retain records supporting a claim for a tax credit for at least four years after the tax credit certificate recipient claims a tax credit under this part; and
(iii) require the tax credit certificate recipient to submit to audits for verification of the tax credit claimed, including audits by the office and by the State Tax Commission.
(2)
(a) The office, with advice from the GO Utah board, shall enter into an agreement with the life science establishment in which the tax credit applicant invested for purposes of claiming a tax credit.
(b) The agreement described in Subsection (2)(a):
(i) shall provide the office with a document that expressly and directly authorizes the State Tax Commission to disclose to the office the life science establishment's tax returns and other information that would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103, Internal Revenue Code;
(ii) shall authorize the Department of Workforce Services to disclose to the office the employment data that the life science establishment submits to the Department of Workforce Services;
(iii) shall require the life science establishment to provide the office with the life science establishment's current capitalization tables; and
(iv) may require the life science establishment to provide the office with other data that:
(A) ensure compliance with the requirements of this chapter; and
(B) demonstrate the economic impact of the tax credit applicant's investment in the life science establishment.
Amended by Chapter 282, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 809 - Issuance of tax credit certificates.

Effective 5/12/2015
63N-2-809.
Issuance of tax credit certificates.
(1) For a tax credit applicant that seeks to claim a tax credit, the office may issue a tax credit certificate to the tax credit applicant:
(a) for the first taxable year for which the tax credit applicant qualifies for the tax credit and enters into an agreement with the office;
(b) for two taxable years immediately following the taxable year described in Subsection (1)(a); and
(c) for the seven taxable years immediately following the last of the two taxable years described in Subsection (1)(b) if:
(i) the agreement with the office described in Section 63N-2-808 includes a provision that the tax credit applicant will make new capital expenditures of at least $1,000,000,000 in the state; and
(ii) the tax credit applicant makes new capital expenditures of at least $1,000,000,000 in the state in accordance with the agreement with the office described in Section 63N-2-808.
(2) The office shall provide a duplicate copy of each tax credit certificate to the State Tax Commission.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 810 - Reports on tax credit certificates.

Effective 7/1/2022
63N-2-810.
Reports on tax credit certificates.
The office shall include the following information in the annual written report described in Section 63N-1a-306:
(1) the total amount listed on tax credit certificates the office issues under this part;
(2) the criteria that the office uses in prioritizing the issuance of tax credits amongst tax credit applicants under this part; and
(3) the economic impact on the state related to providing tax credits under this part.
Amended by Chapter 362, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 2 - Tax Credit Incentives for Economic Development › Part 8 - Technology and Life Science Economic Development Act › Section 811 - Reports of tax credits.

Effective 7/1/2021
63N-2-811.
Reports of tax credits.
(1) Before December 1 of each year, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
(a) the total amount listed on tax credit certificates the office issues under this part; and
(b) the criteria that the office uses in prioritizing the issuance of tax credits amongst tax credit applicants.
(2) By the first business day of each month, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
(a) each new agreement entered into by the office since the last report;
(b) the total amount listed on tax credit certificates the office issues under this part; and
(c) the criteria that the office uses in prioritizing the issuance of tax credits amongst tax credit applicants.
Amended by Chapter 382, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 101 - Title -- Purpose.

Effective 5/12/2015
63N-3-101.
Title -- Purpose.
(1) This chapter is known as "Economic Development Programs."
(2) This part is known as the "Industrial Assistance Account."
(3) The Legislature finds and declares that the fostering and development of industry in Utah is a state public purpose necessary to assure the welfare of its citizens, the growth of its economy, and adequate employment for its citizens.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 102 - Definitions.

Effective 5/3/2023
63N-3-102.
Definitions.
As used in this part:
(1) "Administrator" means the executive director or the executive director's designee.
(2) "Economic opportunities" means business situations or community circumstances which lend themselves to the furtherance of the economic interests of the state by providing a catalyst or stimulus to the growth or retention, or both, of commerce and industry in the state, including retention of companies whose relocation outside the state would have a significant detrimental economic impact on the state as a whole, regions of the state, or specific components of the state.
(3) "Restricted Account" means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103.
(4) "Talent development grant" means a grant awarded under Section 63N-3-112.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 103 - Industrial Assistance Account created -- Uses -- Administrator duties -- Costs.

Effective 7/1/2021
63N-3-103.
Industrial Assistance Account created -- Uses -- Administrator duties -- Costs.
(1) There is created a restricted account within the General Fund known as the "Industrial Assistance Account".
(2) The administrator shall administer the restricted account.
(3) The administrator may hire appropriate support staff to perform the duties required under this section.
(4) The cost of administering the restricted account shall be paid from money in the restricted account.
(5) Interest accrued from investment of money in the restricted account shall remain in the restricted account.
(6) The office shall review the activities and progress of grant recipients under this chapter on a regular basis and, as part of the office's annual written report described in Section 63N-1a-306, report on the economic impact of activities funded by each grant.
Amended by Chapter 282, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 106 - Loans, grants, and assistance -- Repayment -- Earned credits.

Effective 5/3/2023
63N-3-106.
Structure of loans, grants, and assistance -- Repayment -- Earned credits.
(1)
(a) Subject to Subsection (1)(b), the administrator has authority to determine the structure, amount, and nature of any loan, grant, or other financial assistance from the restricted account.
(b) Loans made under this part shall be structured so the intended repayment or return to the state, including cash or credit, equals at least the amount of the assistance together with an annual interest charge as negotiated by the administrator.
(c) Payments resulting from grants awarded from the restricted account shall be made only after the administrator has determined that the company has satisfied the conditions upon which the payment or earned credit was based.
(2)
(a) The administrator may provide for a system of earned credits that may be used to support grant payments or in lieu of cash repayment of a restricted account loan obligation.
(b) The value of the credits described in Subsection (2)(a) shall be based on factors determined by the administrator, including:
(i) the number of Utah jobs created;
(ii) the increased economic activity in Utah; or
(iii) other events and activities that occur as a result of the restricted account assistance.
(3)
(a) A cash loan repayment or other cash recovery from a company receiving assistance under this section, including interest, shall be deposited into the restricted account.
(b) The administrator and the Division of Finance shall determine the manner of recognizing and accounting for the earned credits used in lieu of loan repayments or to support grant payments as provided in Subsection (2).
(4)
(a)
(i) At the end of each fiscal year, the Division of Finance shall set aside the balance of the General Fund revenue surplus as defined in Section 63J-1-312 after the transfers of General Fund revenue surplus described in Subsection (4)(b) to the Industrial Assistance Account in an amount equal to any credit that has accrued under this part.
(ii) The set aside under Subsection (4)(a)(i) shall be capped at $50,000,000, at which time no subsequent contributions may be made and any interest accrued above the $50,000,000 cap shall be deposited into the General Fund.
(b) The set aside required by Subsection (4)(a) shall be made after the transfer of surplus General Fund revenue surplus is made:
(i) to the Medicaid Growth Reduction and Budget Stabilization Restricted Account, as provided in Section 63J-1-315;
(ii) to the General Fund Budget Reserve Account, as provided in Section 63J-1-312; and
(iii) to the Wildland Fire Suppression Fund or State Disaster Recovery Restricted Account, as provided in Section 63J-1-314.
(c) These credit amounts may not be used for purposes of the restricted account as provided in this part until appropriated by the Legislature.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 107 - Agreements.

Effective 5/3/2023
63N-3-107.
Agreements.
The administrator shall enter into agreements with each successful applicant that have specific terms and conditions for each loan, grant, or financial assistance under this part, including:
(1) for a loan:
(a) repayment schedules;
(b) interest rates;
(c) specific economic activity required to qualify for the loan or for repayment credits;
(d) collateral or security, if any; and
(e) other terms and conditions considered appropriate by the administrator; and
(2) for a grant or other financial assistance:
(a) requirements for compliance monitoring, for a period of five years;
(b) repayment for nonperformance or departure from the state;
(c) collateral or security, if any; and
(d) other terms and conditions considered appropriate by the administrator.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 111 - Annual policy considerations.

Effective 5/3/2023
63N-3-111.
Annual policy considerations.
(1)
(a) The office shall make recommendations to state and federal agencies, local governments, the governor, and the Legislature regarding policies and initiatives that promote the economic development of targeted industries.
(b) The office may create one or more voluntary advisory committees that may include public and private stakeholders to solicit input on policy guidance and best practices in encouraging the economic development of targeted industries.
(2) In evaluating the economic impact of applications for assistance, the GO Utah board shall use an econometric cost-benefit model.
(3) The GO Utah board may establish:
(a) minimum interest rates to be applied to loans granted that reflect a fair social rate of return to the state comparable to prevailing market-based rates such as the prime rate, U.S. Government T-bill rate, or bond coupon rate as paid by the state, adjusted by social indicators such as the rate of unemployment; and
(b) minimum applicant expense ratios, as long as they are at least equal to those required under Subsection 63N-3-105(2).
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 112 - Talent development grants.

Effective 7/1/2022
63N-3-112.
Talent development grants.
(1) A for-profit business that is creating new incremental high paying jobs in the state, may apply to receive a talent development grant from the restricted account.
(2) In accordance with the provisions of this section and in consultation with the GO Utah board, the administrator may award up to $10,000 per new job created.
(3) The administrator shall designate an application process for a business to apply for the grant.
(4) A business may apply to receive a grant only after each employee has been employed at qualifying wage levels for at least 12 consecutive months.
(5) Money granted for a talent development grant under this section shall be deducted from any other money or incentive awarded by the office to the business.
(6) Grants awarded under this section are only to reimburse a business for the costs incurred to recruit, hire, train, and otherwise employ an employee in a newly created job.
(7) A business shall submit a hiring and training plan detailing what the grant money will be used for as part of the application process.
(8) The administrator may only grant an award up to an amount that is no more than 25% of the estimated costs to be incurred by the business for the costs in the hiring and training plan.
Amended by Chapter 362, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 1 - Industrial Assistance Account › Section 113 - Financial assistance to entities offering technical assistance to municipalities in connection with planning.

Effective 6/1/2022
63N-3-113.
Financial assistance to entities offering technical assistance to municipalities in connection with planning.
(1) The administrator may provide money from the Industrial Assistance Account to an entity offering technical assistance to a municipality in connection with planning for housing, transportation, and growth.
(2) As part of an application for receiving money under this section, an applicant shall:
(a) describe the activities the entity will undertake to provide technical assistance to a municipality in connection with planning for housing, transportation, and growth; and
(b) satisfy other criteria the administrator considers appropriate.
(3) Before awarding any money under this section, the administrator shall:
(a) make findings as to whether an applicant has satisfied the requirements of Subsection (2);
(b) establish benchmarks and timeframes in which progress toward the completion of the agreed upon activities are to occur;
(c) monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63N-3-107; and
(d) make funding decisions based upon appropriate findings and compliance.
Enacted by Chapter 406, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 2 - Technology Commercialization and Innovation Act › Section 204 - Administration -- Grants and loans.

Effective 7/1/2022
63N-3-204.
Administration -- Grants and loans.
(1) The office shall administer this part.
(2)
(a)
(i) The office may award Utah Technology Innovation Funding Program grants or issue loans under this part to small businesses.
(ii) If loans are issued under Subsection (2)(a)(i), the Division of Finance may set up a fund or account as necessary for the proper accounting of the loans.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing procedures for applying for and issuing grants or loans under this part.
(c)
(i) An applicant that receives a grant or loan under this part shall return the grant or loan proceeds or a portion of the grant or loan proceeds to the office if the applicant:
(A) does not maintain the applicant's principal place of business in the state; or
(B) initially maintains the applicant's principal place of business in the state, but within five years after issuance of the grant or loan, the applicant transfers the applicant's principal place of business to an out-of-state location.
(ii) A repayment by an applicant shall be prorated based on the number of full years the applicant operated in the state from the date of the awarded grant or loan.
(3) In considering each proposal, the office shall weigh technical merit, the level of matching funds from private and federal sources, and the potential for commercialization and broad impact.
(4) The office shall review the activities and progress of grant or loan recipients on a regular basis and, as part of the office's annual written report described in Section 63N-1a-306, report on the accomplishments, direction, and usefulness of the Utah Technology Innovation Funding Program, including recommendations on:
(a) whether the program is beneficial to the state and should continue; and
(b) whether other office programs or programs in other agencies could provide similar state benefits more effectively or at a lower cost.
Amended by Chapter 362, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 4 - Transient Room Tax Fund Act › Section 401 - Title.

Effective 5/12/2015
63N-3-401.
Title.
This part is known as the "Transient Room Tax Fund Act."
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 4 - Transient Room Tax Fund Act › Section 402 - Definitions.

Effective 5/12/2015
63N-3-402.
Definitions.
As used in this part, "fund" means the Transient Room Tax Fund created by Section 63N-3-403.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 4 - Transient Room Tax Fund Act › Section 403 - Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues.

Effective 5/12/2015
63N-3-403.
Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues.
(1) There is created an expendable special revenue fund known as the Transient Room Tax Fund.
(2)
(a) The fund shall be funded by the portion of the sales and use tax described in Subsection 59-12-301(2).
(b)
(i) The fund shall earn interest.
(ii) Any interest earned on fund money shall be deposited into the fund.
(3)
(a) 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 17-31-2, except that any requirements in Section 17-31-2 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.
Renumbered and Amended by Chapter 283, 2015 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 6 - Housing and Transit Reinvestment Zone Act › Section 606 - Notice requirements.

Effective 5/5/2021
63N-3-606.
Notice requirements.
(1) In approving a housing and transit reinvestment zone proposal the housing and transit reinvestment zone committee shall follow the hearing and notice requirements for creating a housing and transit reinvestment zone area proposal.
(2) Within 30 days after the housing and transit reinvestment zone committee approves a proposed housing and transit reinvestment zone, the municipality or public transit county shall:
(a) record with the recorder of the county in which the housing and transit reinvestment zone is located a document containing:
(i) a description of the land within the housing and transit reinvestment zone;
(ii) a statement that the proposed housing and transit reinvestment zone has been approved; and
(iii) the date of adoption;
(b) transmit a copy of the description of the land within the housing and transit reinvestment zone and an accurate map or plat indicating the boundaries of the housing and transit reinvestment zone to the Utah Geospatial Resource Center created under Section 63A-16-505; and
(c) transmit a copy of the approved housing and transit reinvestment zone proposal, map, and description of the land within the housing and transit reinvestment zone, to:
(i) the auditor, recorder, attorney, surveyor, and assessor of the county in which any part of the housing and transit reinvestment zone is located;
(ii) the officer or officers performing the function of auditor or assessor for each taxing entity that does not use the county assessment roll or collect the taxing entity's taxes through the county;
(iii) the legislative body or governing board of each taxing entity;
(iv) the tax commission; and
(v) the State Board of Education.
Enacted by Chapter 411, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 6 - Housing and Transit Reinvestment Zone Act › Section 608 - Applicability to an existing community reinvestment project.

Effective 5/5/2021
63N-3-608.
Applicability to an existing community reinvestment project.
For a housing and transit reinvestment zone created under this part that overlaps any portion of an existing inactive industrial site community reinvestment project area plan created pursuant to Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act:
(1) if the community reinvestment project area plan captures less than 80% of the tax increment from a taxing entity, or if a taxing entity is not participating in the community reinvestment project area plan, the housing and transit reinvestment zone may capture the difference between:
(a) 80%; and
(b) the percentage of tax increment captured pursuant to the community reinvestment project area plan; and
(2) if a community reinvestment project area plan expires before the housing and transit reinvestment zone, the housing and transit reinvestment zone may capture the tax increment allocated to the community reinvestment project area plan for any remaining portion of the term of the housing and transit reinvestment zone.
Enacted by Chapter 411, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 6 - Housing and Transit Reinvestment Zone Act › Section 609 - Tax increment protections.

Effective 5/5/2021
63N-3-609.
Tax increment protections.
(1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a housing and transit reinvestment zone, a housing and transit reinvestment zone may suspend or terminate the collection of tax increment in a housing and transit reinvestment zone if the housing and transit reinvestment zone committee determines, by clear and convincing evidence, presented in a public meeting of the housing and transit reinvestment zone committee, that:
(a) a substantial portion of the tax increment collected in the housing and transit reinvestment zone has not or will not be used for the purposes provided in Section 63N-3-607; and
(b)
(i) the housing and transit reinvestment zone has no indebtedness; or
(ii) the housing and transit reinvestment zone has no binding financial obligations.
(2) A housing and transit reinvestment zone may not collect tax increment in excess of the tax increment projections or limitations set forth in the housing and transit reinvestment proposal.
(3) The agency administering the tax increment collected in a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c), shall have standing in a court with proper jurisdiction to enforce provisions of the housing and transit reinvestment zone proposal, participation agreements, and other agreements for the use of the tax increment collected.
(4) The agency administering tax increment from a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) which is collecting tax increment shall follow the reporting requirements described in Section 17C-1-603 and the audit requirements described in Sections 17C-1-604 and 17C-1-605.
(5) For each housing and transit reinvestment zone collecting tax increment within a county, the county auditor shall follow the reporting requirement found in Section 17C-1-606.
Enacted by Chapter 411, 2021 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 6 - Housing and Transit Reinvestment Zone Act › Section 610 - Sales and use tax increment in a housing and transit reinvestment zone.

Effective 5/4/2022
63N-3-610.
Sales and use tax increment in a housing and transit reinvestment zone.
(1) A housing and transit reinvestment proposal shall, in consultation with the tax commission:
(a) create a sales and use tax boundary as described in Subsection (2); and
(b) establish a sales and use tax base year and collection period to calculate and transfer the state sales and use tax increment within the housing and transit reinvestment zone.
(2)
(a) The municipality or public transit county, in consultation with the tax commission, shall establish a sales and use tax boundary that:
(i) is based on state sales and use tax collection boundaries; and
(ii) follows as closely as reasonably practicable the boundary of the housing and transit reinvestment zone.
(b) The municipality or public transit county shall include the sales and use tax boundary in the housing and transit reinvestment zone proposal as described in Section 63N-3-604.
(3) Beginning the first day of the calendar quarter one year after the sales and use tax boundary for a housing and transit reinvestment zone is established, the tax commission shall, at least annually, transfer an amount equal to 15% of the sales and use tax increment within an established sales and use tax boundary into the Transit Transportation Investment Fund created in Section 72-2-124.
(4)
(a) The requirement described in Subsection (3) to transfer incremental sales tax revenue shall take effect:
(i) on the first day of a calendar quarter; and
(ii) after a 90-day waiting period, beginning on the date the commission receives notice from the municipality or public transit county meeting the requirements of Subsection (4)(b).
(b) The notice described in Subsection (4)(a) shall include:
(i) a statement that the housing and transit reinvestment zone will be established under this part;
(ii) the approval date and effective date of the housing and transit reinvestment zone; and
(iii) the definitions of the sales and use tax boundary and sales and use tax base year.
Amended by Chapter 433, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 8 - State Small Business Credit Initiative Program Fund › Section 801 - Creation and administration.

Effective 5/3/2023
63N-3-801.
Creation and administration.
(1) There is created an enterprise fund known as the "State Small Business Credit Initiative Program Fund" administered by the office.
(2) The executive director or the executive director's designee is the administrator of the fund.
(3) Revenues deposited into the fund shall consist of:
(a) grants, pay backs, bonuses, entitlements, and other money received from the federal government to implement the State Small Business Credit Initiative; and
(b) transfers, grants, gifts, bequests, and other money made available from any source to implement this part.
(4)
(a) The state treasurer shall invest the money in the fund according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act.
(b) Interest and other earnings derived from the fund money shall be deposited in the fund.
(5) The office may use fund money for administration of the fund.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 8 - State Small Business Credit Initiative Program Fund › Section 802 - Distribution of fund money.

Effective 5/3/2023
63N-3-802.
Distribution of fund money.
(1) The office shall distribute federal money in the fund according to the procedures, conditions, and restrictions placed upon the use of the money by the federal government under the Small Business Jobs Act of 2010, 12 U.S.C. Sec. 5701 et seq., as amended.
(2) The office may:
(a) enact rules to establish procedures for the distribution of fund money by following the procedures and requirements of Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and
(b) service or contract, under Title 63G, Chapter 6a, Utah Procurement Code, for the servicing of loans made by the fund.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 8 - State Small Business Credit Initiative Program Fund › Section 803 - Annual accounting.

Effective 7/1/2022
63N-3-803.
Annual accounting.
(1) The office shall monitor the activities of recipients of the loans and loan guarantees issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the office under this part.
(2) An entity receiving a loan or loan guarantee under this part shall provide the office with an annual accounting of how the money it received from the fund was spent.
(3) The office shall include the following information in the office's annual written report described in Section 63N-1a-306:
(a) an accounting of expenditures made from the fund; and
(b) an evaluation of the effectiveness of the loan and loan guarantee program.
Renumbered and Amended by Chapter 22, 2022 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 9 - Strategic Innovation Grant Pilot Program › Section 901 - Definitions.

Affected by 63I-1-263 on 7/1/2027
Effective 5/4/2022
63N-3-901.
Definitions.
As used in this part:
(1) "Applicable agency" means:
(a) for a project related to air quality, the Division of Air Quality created in Section 19-1-105; or
(b) for a project related to water resources, the Division of Water Resources created in Section 73-10-18.
(2) "Business entity" means a for-profit or nonprofit business entity.
(3) "Grant" means a grant awarded as part of the pilot program.
(4) "Pilot program" means the Strategic Innovation Grant Pilot Program created in Section 63N-3-902.
Enacted by Chapter 361, 2022 General Session
Technically renumbered to avoid duplication of enacted Part also enacted in HB 17, Chapter 22, HB 333, Chapter 362, and SB 212, Chapter 296.
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 10 - Economic Assistance Grant Program › Section 1001 - Definitions.

Effective 7/1/2022
63N-3-1001.
Definitions.
As used in this part:
(1) "Business entity" means a for-profit or nonprofit entity.
(2) "Grant" means a grant awarded as part of the Economic Assistance Grant Program created in Section 63N-3-1002.
(3) "Grant program" means the Economic Assistance Grant Program created in Section 63N-3-1002.
Enacted by Chapter 362, 2022 General Session
Technically renumbered to avoid duplication of enacted Part also enacted in HB 17, Chapter 22, HB 326, Chapter 361, and SB 212, Chapter 296.
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 10 - Economic Assistance Grant Program › Section 1002 - Creation of Economic Assistance Grant Program -- Requirements -- Rulemaking -- Annual report.

Effective 5/3/2023
63N-3-1002.
Creation of Economic Assistance Grant Program -- Requirements -- Rulemaking -- Annual report.
(1) There is created the Economic Assistance Grant Program administered by the office.
(2) Subject to appropriations from the Legislature, the office may award one or more grants to a business entity to provide funding for projects that:
(a) promote and support economic opportunities in the state; and
(b) provide a service in the state related to industry, education, community development, or infrastructure.
(3) In awarding grants, the office may prioritize projects:
(a) that develop targeted industries in the state;
(b) where an applicant identifies clear metrics to measure the progress, effectiveness, and scope of the project;
(c) where an applicant demonstrates comprehensive planning of the project; and
(d) that require one-time funds.
(4) Before a business entity may receive a grant, the business entity shall enter into a written agreement with the office that specifies:
(a) the amount of the grant;
(b) the time period for distributing the grant;
(c) the terms and conditions that the business entity shall meet to receive the grant;
(d) the structure of the grant; and
(e) the expenses for which the business entity may expend the grant.
(5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office may make rules to administer the grant program.
(6) The office shall include in the annual written report described in Section 63N-1a-306 a report on the grant program.
Amended by Chapter 499, 2023 General Session
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 11 - Manufacturing Modernization Grant Program › Section 1101 - Definitions.

Affected by 63I-1-263 on 7/1/2025
Effective 5/4/2022
63N-3-1101.
Definitions.
As used in this part:
(1) "Grant" means a grant awarded under Section 63N-3-1102.
(2) "Program" means the Manufacturing Modernization Grant Program created in Section 63N-3-1102.
(3) "Targeted industry" means an industry or group of industries targeted by the GO Utah board under Section 63N-3-111 for economic development in the state.
Enacted by Chapter 296, 2022 General Session
Technically renumbered to avoid duplication of enacted Part also enacted in HB 17, Chapter 22, HB 326, Chapter 361, and HB 333, Chapter 362.
2023 Utah Code › Title 63N - Economic Opportunity Act › Chapter 3 - Economic Development Programs › Part 12 - Redevelopment Matching Grant Program › Section 1201 - Definitions.

Effective 5/3/2023
63N-3-1201.
Definitions.
As used in this part:
(1) "American Rescue Plan Act" means the American Rescue Plan Act, Pub. L. 117-2.
(2) "Grant" means a financial grant awarded as part of the Redevelopment Matching Grant Program created in Section 63N-3-1202.
(3) "Grant program" means the Redevelopment Matching Grant Program created in Section 63N-3-1202.
(4) "Local government" means a county or municipality.
Enacted by Chapter 499, 2023 General Session