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H.B. 20






Chief Sponsor: Steven R. Mascaro

Senate Sponsor: Scott K. Jenkins

             7      Cosponsors:
             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
             21      community."
             22      Monies Appropriated in this Bill:
             23          None
             24      Other Special Clauses:
             25          None
             26      Utah Code Sections Affected:
             27      AMENDS:

             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 [median] average wage of a community in which the jobs will exist.
             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
             58      revenues.

             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

Office of Legislative Research and General Counsel

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