63H-1-501 - Authority receipt and use of tax increment -- Distribution of tax increment.
63H-1-501. Authority receipt and use of tax increment -- Distribution of taxincrement.
(1) (a) The authority may:
(i) subject to Subsection (1)(b), receive up to 75% of tax increment for up to 25 years, asprovided in this part; and
(ii) use tax increment during and after the period described in Subsection (1)(a)(i).
(b) With respect to a parcel located within a project area, the 25-year period described inSubsection (1)(a)(i) shall begin on the day on which the authority receives the first tax incrementfrom that parcel.
(2) Improvements on a parcel within a project area become subject to property tax onJanuary 1 immediately following the day on which the authority issues a certificate of occupancywith respect to those improvements.
(3) Each county that collects property tax on property within a project area shall pay anddistribute to the authority the tax increment and dedicated supplemental tax increment that theauthority is entitled to collect under this title, in the manner and at the time provided in Section59-2-1365.
(4) (a) The board shall determine by resolution when the entire project area or anindividual parcel within a project area is subject to tax increment.
(b) The board shall amend the project area budget to reflect whether a parcel within aproject area is subject to tax increment.
Amended by Chapter 9, 2010 General Session