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H.B. 20 Enrolled
8 James A. DunniganJanice M. Fisher
Julie FisherChristopher N. Herrod 9
10 LONG TITLE
11 General Description:
12 This bill modifies the definition section of the Economic Development Incentives Act
13 regarding high paying jobs.
14 Highlighted Provisions:
15 This bill:
16 . modifies the definition of high paying jobs in the Economic Development Incentives
17 Act by replacing "median wage of a community" with "average wage of a
19 Monies Appropriated in this Bill:
21 Other Special Clauses:
23 Utah Code Sections Affected:
25 63-38f-1703, as enacted by Laws of Utah 2005, Chapter 272
27 Be it enacted by the Legislature of the state of Utah:
28 Section 1. Section 63-38f-1703 is amended to read:
29 63-38f-1703. Definitions.
30 As used in this part:
31 (1) "Development zone" means an economic development zone created under Section
32 63-38f-1704 .
33 (2) "High paying jobs" means the annual wages of employment positions that compare
34 favorably against the [
35 (3) "Local incentives" means financial and other assistance provided by local taxing
36 authorities within a development zone, which may include:
37 (a) partial rebates of new local revenues; and
38 (b) other sources of funds under authority of state law or local ordinances, or both state
39 law and local ordinances.
40 (4) "New incremental jobs" means jobs that are:
41 (a) not shifted from one jurisdiction in the state to another jurisdiction in the state; and
42 (b) created in addition to the baseline count of jobs already in existence within a
43 company or employed by an individual.
44 (5) "New local revenues" mean incremental new local tax revenues that are generated
45 as a result of new economic commercial projects in a development zone, to include the local
46 government's portion of sales taxes, property taxes, impact fees, and other taxes or fees, or both
47 taxes and fees, derived from the projects, together with indirect local government revenues
48 generated by the projects, but not to include any portion of sales taxes earmarked for state
49 government or other taxing jurisdictions eligible for sales tax revenues.
50 (6) "New state revenues" means incremental new state tax revenues that are generated
51 as a result of new economic commercial projects in a development zone, to include the state's
52 portion of sales taxes, and company and employee income taxes derived from the projects,
53 together with indirect state revenues generated by the projects, but not to include any portion of
54 sales taxes earmarked for local governments or other taxing jurisdictions eligible for sales tax
56 (7) "Office" means the Governor's Office of Economic Development.
57 (8) "Partial rebates" means returning a portion of the new local revenues and new state
58 revenues generated by new commercial projects to companies or individuals that have created
59 new economic growth within a development zone.
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