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Limited Purpose Local Government Entities - Community Development and Renewal Agencies Act | |
General Provisions | |
Section 401 | Agency receipt and use of tax increment and sales tax -- Distribution of tax increment and sales tax. |
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17C-1-401. Agency receipt and use of tax increment and sales tax -- Distribution of
tax increment and sales tax. (1) An agency may receive and use tax increment and sales tax, as provided in this part. (2) (a) The applicable length of time or number of years for which an agency is to be paid tax increment or sales tax under this part shall be measured: (i) for a pre-July 1, 1993, project area plan, from the first tax year regarding which the agency accepts tax increment from the project area; (ii) for a post-June 30, 1993, urban renewal or economic development project area plan, from the first tax year for which the agency receives tax increment under the project area budget; or (iii) for a community development project area plan, as indicated in the resolution or interlocal agreement of a taxing entity that establishes the agency's right to receive tax increment or sales tax. (b) Unless otherwise provided in a project area budget that is approved by a taxing entity committee, or in an interlocal agreement or resolution adopted by a taxing entity, tax increment may not be paid to an agency for a tax year prior to the tax year following: (i) for an urban renewal or economic development project area plan, the effective date of the project area plan; and (ii) for a community development project area plan, the effective date of the interlocal agreement that establishes the agency's right to receive tax increment. (3) With respect to a community development project area plan: (a) a taxing entity or public entity may, by resolution or through interlocal agreement, authorize an agency to be paid any or all of that taxing entity or public entity's tax increment or sales tax for any period of time; and (b) the resolution or interlocal agreement authorizing the agency to be paid tax increment or sales tax shall specify: (i) the base taxable value of the project area; and (ii) the method of calculating the amount of tax increment or sales tax to be paid to the agency. (4) With the written consent of a taxing entity, an agency may be paid tax increment, from that taxing entity's tax revenues only, in a higher percentage or for a longer period of time, or both, than otherwise authorized under this title. (5) (a) Subject to Section 17C-1-407, an agency is entitled to receive tax increment as authorized by: (i) for a pre-July 1, 1993, project area plan, Section 17C-1-403; (ii) for a post-June 30, 1993, project area plan: (A) Section 17C-1-404 under a project area budget adopted by the agency in accordance with this title; (B) a project area budget approved by the taxing entity committee and adopted by the agency in accordance with this title; or (C) Section 17C-1-406; or (iii) a resolution or interlocal agreement entered into under Section 17C-2-207, 17C-3-206, 17C-4-201, or 17C-4-202. (b) A county that collects property tax on property located within a project area shall pay and distribute any tax increment: (i) to an agency that the agency is entitled to collect; and (ii) in accordance with Section 59-2-1365.
Amended by Chapter 43, 2011 General Session |
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