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8 James A. DunniganJanice M. Fisher
Julie FisherChristopher N. Herrod 9
10 LONG TITLE
11 Committee Note:
12 The Workforce Services and Community and Economic Development Interim
13 Committee recommended this bill.
14 General Description:
15 This bill modifies the definition section of the Economic Development Incentives Act
16 regarding high paying jobs.
17 Highlighted Provisions:
18 This bill:
19 . modifies the definition of high paying jobs in the Economic Development
20 Incentives Act by replacing "median wage of a community" with "average wage of a
22 Monies Appropriated in this Bill:
24 Other Special Clauses:
26 Utah Code Sections Affected:
28 63-38f-1703, as enacted by Laws of Utah 2005, Chapter 272
30 Be it enacted by the Legislature of the state of Utah:
31 Section 1. Section 63-38f-1703 is amended to read:
32 63-38f-1703. Definitions.
33 As used in this part:
34 (1) "Development zone" means an economic development zone created under Section
35 63-38f-1704 .
36 (2) "High paying jobs" means the annual wages of employment positions that compare
37 favorably against the [
38 (3) "Local incentives" means financial and other assistance provided by local taxing
39 authorities within a development zone, which may include:
40 (a) partial rebates of new local revenues; and
41 (b) other sources of funds under authority of state law or local ordinances, or both state
42 law and local ordinances.
43 (4) "New incremental jobs" means jobs that are:
44 (a) not shifted from one jurisdiction in the state to another jurisdiction in the state; and
45 (b) created in addition to the baseline count of jobs already in existence within a
46 company or employed by an individual.
47 (5) "New local revenues" mean incremental new local tax revenues that are generated
48 as a result of new economic commercial projects in a development zone, to include the local
49 government's portion of sales taxes, property taxes, impact fees, and other taxes or fees, or both
50 taxes and fees, derived from the projects, together with indirect local government revenues
51 generated by the projects, but not to include any portion of sales taxes earmarked for state
52 government or other taxing jurisdictions eligible for sales tax revenues.
53 (6) "New state revenues" means incremental new state tax revenues that are generated
54 as a result of new economic commercial projects in a development zone, to include the state's
55 portion of sales taxes, and company and employee income taxes derived from the projects,
56 together with indirect state revenues generated by the projects, but not to include any portion of
57 sales taxes earmarked for local governments or other taxing jurisdictions eligible for sales tax
59 (7) "Office" means the Governor's Office of Economic Development.
60 (8) "Partial rebates" means returning a portion of the new local revenues and new state
61 revenues generated by new commercial projects to companies or individuals that have created
62 new economic growth within a development zone.
Legislative Review Note
as of 9-27-07 1:12 PM