Utah Code Title 63N. Economic Opportunity Act § 63N-3-610. Sales and use tax increment in a housing and transit reinvestment zone

(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, which sales and use tax base year is established prospectively, 90 days after the date of the notice described in Subsection (4).

(2)(a) The municipality or public transit county, in consultation with the tax commission, shall establish a sales and use tax boundary that:

(b) If a state sales and use tax boundary is bisected by the boundary of the housing and transit reinvestment zone, the housing and transit reinvestment zone may include the entire state sales and use tax boundary.

(c) 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)(a) 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.

(b) A municipality or public transit county may only propose one sales and use tax increment period for a housing and transit reinvestment zone established under this section.

(4)(a) The establishment of a sales and use tax base year and the requirement described in Subsection (3) to transfer incremental sales tax revenue shall take effect:

(b) The notice described in Subsection (4)(a) shall include: