1     
AMENDMENTS TO ECONOMIC DEVELOPMENT

2     
2015 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Brian E. Shiozawa

5     
House Sponsor: Rebecca P. Edwards

6     

7     LONG TITLE
8     General Description:
9          This bill modifies provisions related to the Governor's Office of Economic
10     Development (GOED).
11     Highlighted Provisions:
12          This bill:
13          ▸     modifies the definition of "high paying jobs";
14          ▸     requires that the executive director of GOED be appointed by the governor, with the
15     consent of the Senate;
16          ▸     modifies provisions related to GOED's administration of tax credit incentives,
17     including the provision of tax-increment financing;
18          ▸     modifies GOED's reporting of the credit incentives; and
19          ▸     makes technical changes.
20     Money Appropriated in this Bill:
21          None
22     Other Special Clauses:
23          This bill provides a special effective date.
24          This bill provides a coordination clause.
25     Utah Code Sections Affected:
26     AMENDS:
27          63M-1-202, as renumbered and amended by Laws of Utah 2008, Chapter 382
28          63M-1-2402, as enacted by Laws of Utah 2008, Chapter 372
29          63M-1-2403, as last amended by Laws of Utah 2010, Chapters 104 and 164
30          63M-1-2404, as last amended by Laws of Utah 2013, Chapter 392
31          63M-1-2405, as last amended by Laws of Utah 2013, Chapter 392
32          63M-1-2406, as last amended by Laws of Utah 2014, Chapter 371
33          63M-1-2407, as last amended by Laws of Utah 2013, Chapter 310
34     REPEALS:
35          63M-1-2408, as last amended by Laws of Utah 2010, Chapters 164, 323, and 391
36     Utah Code Sections Affected by Coordination Clause:
37          63M-1-2403, as last amended by Laws of Utah 2010, Chapters 104 and 164
38     

39     Be it enacted by the Legislature of the state of Utah:
40          Section 1. Section 63M-1-202 is amended to read:
41          63M-1-202. Director of office -- Appointment -- Removal -- Compensation.
42          (1) The office shall be administered, [directed, controlled,] organized, and managed by
43     [a] an executive director appointed by the governor, with the consent of the Senate.
44          (2) The executive director serves at the pleasure of the governor.
45          (3) The salary of the executive director shall be established by the governor within the
46     salary range fixed by the Legislature in Title 67, Chapter 22, State Officer Compensation.
47          Section 2. Section 63M-1-2402 is amended to read:
48          63M-1-2402. Findings.
49          [(1) The Legislature finds that:]
50          [(a) to foster and develop industry in Utah is a public purpose necessary to assure
51     adequate employment for, and the welfare of, Utah's citizens and the growth of the state's
52     economy;]
53          [(b) Utah loses prospective high paying jobs, new economic growth, and corresponding
54     incremental new state and local revenues to competing states because of a wide variety of
55     competing economic incentives offered by those states; and]
56          [(c) economic development initiatives and interests of state and local economic
57     development officials should be aligned and united in the creation of higher paying jobs that
58     will lift the wage levels of the communities in which those jobs will be created.]
59          [(2)] This part is enacted to:
60          (1) foster and develop industry in the state, to provide additional employment
61     opportunities for Utah's citizens, and to improve the state's economy;
62          [(a)] (2) address the loss of prospective high paying jobs, the loss of new economic
63     growth, and the corresponding loss of incremental new state and local revenues [by providing]
64     to competing states caused by economic incentives offered by those states;
65          (3) provide tax credits to attract new commercial projects and new jobs in economic
66     development zones in the state; and
67          [(b)] (4) provide a cooperative and unified working relationship between state and
68     local economic development efforts.
69          Section 3. Section 63M-1-2403 is amended to read:
70          63M-1-2403. Definitions.
71          As used in this part:
72          (1) "Business entity" means a person that enters into an agreement with the office to
73     initiate a new commercial project in Utah that will qualify the person to receive a tax credit
74     under Section 59-7-614.2 or 59-10-1107.
75          (2) "Community development and renewal agency" [is as] has the same meaning as
76     that term is defined in Section 17C-1-102.
77          (3) "Development zone" means an economic development zone created under Section
78     63M-1-2404.
79          (4) "High paying jobs" means:
80          (a) with respect to a business entity, the aggregate average annual gross wages, not
81     including healthcare or other paid or unpaid benefits, of newly created full-time employment
82     positions in a business entity that [compare favorably against] are at least 110% of the average
83     wage of a community in which the employment positions will exist;
84          (b) with respect to a county, the aggregate average annual gross wages, not including
85     healthcare or other paid or unpaid benefits, of newly created full-time employment positions in
86     a new commercial project within the county that [compare favorably against] are at least 110%
87     of the average wage of the county in which the employment positions will exist; or
88          (c) with respect to a city or town, the aggregate average annual gross wages, not
89     including healthcare or other paid or unpaid benefits of newly created full-time employment
90     positions in a new commercial project within the city or town that [compare favorably against]
91     are at least 110% of the average wages of the city or town in which the employment positions
92     will exist.
93          (5) "Local government entity" means a county, city, or town that enters into an
94     agreement with the office to have a new commercial project that:
95          (a) is initiated within the county's, city's, or town's boundaries; and
96          (b) qualifies the county, city, or town to receive a tax credit under Section 59-7-614.2.
97          (6) (a) "New commercial project" means an economic development opportunity that
98     involves new or expanded industrial, manufacturing, distribution, or business services in Utah.
99          (b) "New commercial project" does not include retail business.
100          (7) (a) "New incremental jobs" means full-time employment positions that are filled by
101     employees who work at least 30 hours per week and that are:
102          [(a) not shifted from one jurisdiction in the state to another jurisdiction in the state;
103     and]
104          [(b)] (i) with respect to a business entity, created in addition to the baseline count of
105     employment positions that existed within the business entity before the new commercial
106     project;
107          (ii) with respect to a county, created as a result of a new commercial project with
108     respect to which the county or a community development and renewal agency seeks to claim a
109     tax credit under Section 59-7-614.2; or
110          (iii) with respect to a city or town, created as a result of a new commercial project with
111     respect to which the city, town, or a community development and renewal agency seeks to
112     claim a tax credit under Section 59-7-614.2.
113          (b) "New incremental jobs" may include full-time equivalent positions that are filled by
114     more than one employee, if each employee who works less than 30 hours per week is provided
115     benefits comparable to a full-time employee.
116          (c) "New incremental jobs" does not include jobs that are shifted from one jurisdiction
117     in the state to another jurisdiction in the state.
118          (8) "New state revenues" means:
119          (a) with respect to a business entity:
120          (i) incremental new state sales and use tax revenues that a business entity pays under
121     Title 59, Chapter 12, Sales and Use Tax Act, as a result of a new commercial project in a
122     development zone;
123          (ii) incremental new state tax revenues[, if any,] that a business entity pays as a result
124     of a new commercial project in a development zone under:
125          (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
126          (B) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and
127     Information;
128          (C) Title 59, Chapter 10, Part 2, Trusts and Estates;
129          (D) Title 59, Chapter 10, Part 4, Withholding of Tax; or
130          (E) a combination of Subsections (8)(a)(ii)(A) through (D);
131          (iii) incremental new state tax revenues paid as individual income taxes under Title 59,
132     Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information, by
133     employees of a new or expanded industrial, manufacturing, distribution, or business service
134     within a new commercial project as evidenced by payroll records that indicate the amount of
135     employee income taxes withheld and transmitted to the State Tax Commission by the new or
136     expanded industrial, manufacturing, distribution, or business service within the new
137     commercial project; or
138          (iv) a combination of Subsections (8)(a)(i) through (iii); or
139          (b) with respect to a local government entity:
140          (i) incremental new state sales and use tax revenues that are collected under Title 59,
141     Chapter 12, Sales and Use Tax Act, as a result of a new commercial project in a development
142     zone;
143          (ii) incremental new state tax revenues[, if any,] that are collected as a result of a new
144     commercial project in a development zone under:
145          (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
146          (B) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and
147     Information;
148          (C) Title 59, Chapter 10, Part 2, Trusts and Estates;
149          (D) Title 59, Chapter 10, Part 4, Withholding of Tax; or
150          (E) a combination of Subsections (8)(b)(ii)(A) through (D);
151          (iii) incremental new state tax revenues paid as individual income taxes under Title 59,
152     Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information, by
153     employees of a new or expanded industrial, manufacturing, distribution, or business service
154     within a new commercial project as evidenced by payroll records that indicate the amount of
155     employee income taxes withheld and transmitted to the State Tax Commission by the new or
156     expanded industrial, manufacturing, distribution, or business service within the new
157     commercial project; or
158          (iv) a combination of Subsections (8)(b)(i) through (iii).
159          [(9) "Office" means the Governor's Office of Economic Development.]
160          [(10)] (9) "Significant capital investment" means an amount of at least $10,000,000 to
161     purchase [a] capital [asset] or [a] fixed [asset] assets, which may include real property, personal
162     property, and other fixtures related to a new commercial project:
163          [(a) with the primary purpose of the investment to increase a business entity's rate at
164     which it produces goods based on output per unit of labor;]
165          [(b)] (a) that represents an expansion of existing [Utah] operations[; and] in the state;
166     or
167          [(c)] (b) that maintains or increases the business entity's existing [Utah] work force in
168     the state.
169          [(11)] (10) "Tax credit" means an economic development tax credit created by Section
170     59-7-614.2 or 59-10-1107.
171          [(12)] (11) "Tax credit amount" means the amount the office lists as a tax credit on a
172     tax credit certificate for a taxable year.
173          [(13)] (12) "Tax credit certificate" means a certificate issued by the office that:
174          (a) lists the name of the business entity, local government entity, or community
175     development and renewal agency to which the office authorizes a tax credit;
176          (b) lists the business entity's, local government entity's, or community development and
177     renewal agency's taxpayer identification number;
178          (c) lists the amount of tax credit that the office authorizes the business entity, local
179     government entity, or community development and renewal agency for the taxable year; and
180          (d) may include other information as determined by the office.
181          Section 4. Section 63M-1-2404 is amended to read:
182          63M-1-2404. Creation of economic development zones -- Tax credits --
183     Assignment of tax credit.
184          (1) The office, with advice from the board, may create an economic development zone
185     in the state [that satisfies all of] if the following requirements are satisfied:
186          (a) the area is zoned commercial, industrial, manufacturing, business park, research
187     park, or other appropriate business related use in a community-approved master plan;
188          (b) the request to create a development zone has [been forwarded to the office after]
189     first [being] been approved by an appropriate local government entity; and
190          (c) local incentives have been [committed] or will be committed to be provided within
191     the area.
192          (2) (a) [By following the procedures and requirements of] In accordance with Title
193     63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing
194     the [conditions that] requirements for a business entity or local government entity [shall meet]
195     to qualify for a tax credit for a new commercial project in a development zone under this part.
196          (b) The office shall ensure that the [conditions] requirements described in Subsection
197     (2)(a) include the following [requirements]:
198          (i) the new commercial project [must be] is within the development zone;
199          (ii) the new commercial project includes direct investment within the geographic
200     boundaries of the development zone;
201          (iii) the new commercial project brings new incremental jobs to Utah;
202          [(iv) the new commercial project includes significant capital investment, the creation of
203     high paying jobs, or significant purchases from Utah vendors and providers, or any
204     combination of these three economic factors;]
205          (iv) the new commercial project includes the creation of high paying jobs in the state,
206     significant capital investment in the state, or significant purchases from vendors and providers
207     in the state, or a combination of these three economic factors;
208          (v) the new commercial project generates new state revenues; and
209          (vi) [(A)] a business entity [or], a local government entity [qualifying for the tax
210     credit], or a community development and renewal agency to which a local government entity
211     assigns a tax credit under this section meets the requirements of Section 63M-1-2405[; or].
212          [(B) a community development and renewal agency to which a local government entity
213     assigns a tax credit under this section meets the requirements of Section 63M-1-2405.]
214          (3) (a) [Subject to the other provisions of this Subsection (3), the office, with advice
215     from] The office, after consultation with the board, may enter into [an] a written agreement
216     with a business entity or local government entity authorizing a tax credit to the business entity
217     or local government entity if the business entity or local government entity meets the [standards
218     established under Subsection (2)] requirements described in this section.
219           (b) (i) With respect to [one] a new commercial project, the office may authorize a tax
220     credit to a business entity or a local government entity, but not both.
221          (ii) In determining whether to authorize a tax credit with respect to [one] a new
222     commercial project to a business entity or a local government entity, the office shall authorize
223     the tax credit in a manner that the office determines will result in providing the most effective
224     incentive for the new commercial project.
225          (c) (i) [The] Except as provided in Subsection (3)(c)(ii), the office may not authorize or
226     commit to authorize a tax credit [if that tax credit] that exceeds:
227          (A) 50% of the new state revenues from the new commercial project in any given year;
228     or
229          (B) 30% of the new state revenues from the new commercial project over the lesser of
230     the life of a new commercial project or 20 years[, whichever is less].
231          [(ii) Notwithstanding Subsection (3)(c)(i), the office may authorize or commit to
232     authorize a tax credit not exceeding 60% of new state revenues from the new commercial
233     project in any given year, if the eligible business entity creates a significant number of high
234     paying jobs and makes capital expenditures in the state of at least $1,000,000,000.]
235          (ii) If the eligible business entity makes capital expenditures in the state of
236     $1,500,000,000 or more associated with a new commercial project, the office may:
237          (A) authorize or commit to authorize a tax credit not exceeding 60% of new state
238     revenues over the lesser of the life of the project or 20 years, if the other requirements of this
239     part are met;
240          (B) establish the year that state revenues and incremental jobs baseline data are
241     measured for purposes of an incentive under this Subsection (3)(c)(ii); and
242          (C) offer an incentive under this Subsection (3)(c)(ii) or modify an existing incentive
243     previously granted under Subsection (3)(c)(i) that is based on the baseline measurements
244     described in Subsection (3)(c)(ii)(B), except that the incentive may not authorize or commit to
245     authorize a tax credit of more than 60% of new state revenues in any one year.
246          (d) (i) A local government entity may by resolution assign a tax credit [that] authorized
247     by the office [authorizes to the local government entity] to a community development and
248     renewal agency.
249          (ii) The local government entity shall provide a copy of the resolution described in
250     Subsection (3)(d)(i) to the office.
251          (iii) If a local government entity assigns a tax credit to a community development and
252     renewal agency[: (A)], the written agreement described in [this section] Subsection (3)(a) shall:
253          [(I)] (A) be [among] between the office, the local government entity, and the
254     community development and renewal agency; [and]
255          [(II)] (B) establish[: (Aa)] the obligations of the local government entity and the
256     community development and renewal agency; and
257          [(Bb)] (C) establish the extent to which any of the local government entity's obligations
258     are transferred to the community development and renewal agency[;].
259          (iv) If a local government entity assigns a tax credit to a community development and
260     renewal agency:
261          [(B)] (A) the community development and renewal agency shall retain records as
262     described in Subsection (4)(d); and
263          [(C)] (B) a tax credit certificate issued in accordance with Section 63M-1-2406 shall
264     list the community development and renewal agency as the [name of the] named applicant.
265          (4) [Subject to Subsection (3), the] The office shall ensure that the written agreement
266     described in Subsection (3):
267          (a) [details] specifies the requirements that the business entity or local government
268     entity shall meet to qualify for a tax credit under this part;
269          (b) specifies the maximum amount of tax credit that the business entity or local
270     government entity may be authorized for a taxable year and over the life of the new commercial
271     project;
272          (c) establishes the length of time the business entity or local government entity may
273     claim a tax credit;
274          (d) requires the business entity or local government entity to retain records supporting a
275     claim for a tax credit for at least four years after the business entity or local government entity
276     claims a tax credit under this part; and
277          (e) requires the business entity or local government entity to submit to audits for
278     verification of the tax credit claimed.
279          Section 5. Section 63M-1-2405 is amended to read:
280          63M-1-2405. Qualifications for tax credit -- Procedure.
281          (1) The office shall certify a business entity's or local government entity's eligibility for
282     a tax credit as provided in this [section] part.
283          (2) A business entity or local government entity seeking to receive a tax credit as
284     provided in this part shall provide the office with:
285          (a) an application for a tax credit certificate, including a certification, by an officer of
286     the business entity, of any signature on the application;
287          (b) (i) for a business entity, documentation of the new state revenues from the business
288     entity's new commercial project that were paid during the preceding calendar year; or
289          (ii) for a local government entity, documentation of the new state revenues from the
290     new commercial project within the area of the local government entity that were paid during
291     the preceding calendar year;
292          (c) known or expected detriments to the state or existing businesses in the state;
293          (d) if a local government entity seeks to assign the tax credit to a community
294     development and renewal agency [in accordance with] as described in Section 63M-1-2404, a
295     statement providing the name and taxpayer identification number of the community
296     development and renewal agency to which the local government entity seeks to assign the tax
297     credit;
298          (e) (i) with respect to a business entity, a document that expressly directs and
299     authorizes the State Tax Commission to disclose to the office the business entity's returns and
300     other information that would otherwise be subject to confidentiality under Section 59-1-403 or
301     Section 6103, Internal Revenue Code[, to the office];
302          (ii) with respect to a local government entity that seeks to claim the tax credit:
303          (A) a document that expressly directs and authorizes the State Tax Commission to
304     disclose to the office the local government entity's returns and other information that would
305     otherwise be subject to confidentiality under Section 59-1-403 or Section 6103, Internal
306     Revenue Code[, to the office]; and
307          (B) if the new state revenues collected as a result of a new commercial project are
308     attributable in whole or in part to a new or expanded industrial, manufacturing, distribution, or
309     business service within a new commercial project within the area of the local government
310     entity, a document signed by an authorized representative of the new or expanded industrial,
311     manufacturing, distribution, or business service that:
312          (I) expressly directs and authorizes the State Tax Commission to disclose to the office
313     the returns of [that] the new or expanded industrial, manufacturing, distribution, or business
314     service and other information that would otherwise be subject to confidentiality under Section
315     59-1-403 or Section 6103, Internal Revenue Code[, to the office]; and
316          (II) lists the taxpayer identification number of [that] the new or expanded industrial,
317     manufacturing, distribution, or business service; or
318          (iii) with respect to a local government entity that seeks to assign the tax credit to a
319     community development and renewal agency:
320          (A) a document signed by the members of the governing body of the community
321     development and renewal agency that expressly directs and authorizes the State Tax
322     Commission to disclose to the office the returns of the community development and renewal
323     agency and other information that would otherwise be subject to confidentiality under Section
324     59-1-403 or Section 6103, Internal Revenue Code[, to the office]; and
325          (B) if the new state revenues collected as a result of a new commercial project are
326     attributable in whole or in part to a new or expanded industrial, manufacturing, distribution, or
327     business service within a new commercial project within the community development and
328     renewal agency, a document signed by an authorized representative of the new or expanded
329     industrial, manufacturing, distribution, or business service that:
330          (I) expressly directs and authorizes the State Tax Commission to disclose to the office
331     the returns of [that] the new or expanded industrial, manufacturing, distribution, or business
332     service and other information that would otherwise be subject to confidentiality under Section
333     59-1-403 or Section 6103, Internal Revenue Code[, to the office]; and
334          (II) lists the taxpayer identification number of [that] the new or expanded industrial,
335     manufacturing, distribution, or business service; and
336          (f) for a business entity only, documentation that the business entity has satisfied the
337     performance benchmarks outlined in the written agreement described in Subsection
338     63M-1-2404(3)(a), including:
339          (i) the creation of new incremental jobs that are also high paying jobs;
340          [(i)] (ii) significant capital investment;
341          [(ii) the creation of high paying jobs;]
342          (iii) significant purchases from Utah vendors and providers; or
343          (iv) [any] a combination of [Subsections (2)(f)(i), (ii), and (iii)] these benchmarks.
344          (3) (a) The office shall submit the documents described in Subsection (2)(e) to the
345     State Tax Commission.
346          (b) Upon receipt of a document described in Subsection (2)(e), the State Tax
347     Commission shall provide the office with the returns and other information requested by the
348     office that the State Tax Commission is directed or authorized to provide to the office in
349     accordance with Subsection (2)(e).
350          (4) If, after review of the returns and other information provided by the State Tax
351     Commission, or after review of the ongoing performance of the business entity or local
352     government entity, the office determines that the returns and other information are inadequate
353     to provide a reasonable justification for authorizing or continuing a tax credit, the office shall:
354          (a) (i) deny the tax credit; or
355          (ii) terminate the agreement described in Subsection 63M-1-2404(3)(a) for failure to
356     meet the performance standards established in the agreement; or
357          (b) inform the business entity or local government entity that the returns or other
358     information were inadequate and ask the business entity or local government entity to submit
359     new documentation.
360          (5) If after review of the returns and other information provided by the State Tax
361     Commission, the office determines that the returns and other information provided by the
362     business entity or local government entity provide reasonable justification for authorizing a tax
363     credit, the office shall, based upon the returns and other information:
364          (a) determine the amount of the tax credit to be granted to the business entity, local
365     government entity, or if the local government entity assigns the tax credit [in accordance with]
366     as described in Section 63M-1-2404, to the community development and renewal agency to
367     which the local government entity assigns the tax credit;
368          (b) issue a tax credit certificate to the business entity, local government entity, or if the
369     local government entity assigns the tax credit [in accordance with] as described in Section
370     63M-1-2404, to the community development and renewal agency to which the local
371     government entity assigns the tax credit; and
372          (c) provide a duplicate copy of the tax credit certificate to the State Tax Commission.
373          (6) A business entity, local government entity, or community development and renewal
374     agency may not claim a tax credit unless the business entity, local government entity, or
375     community development and renewal agency has a tax credit certificate issued by the office.
376          (7) (a) A business entity, local government entity, or community development and
377     renewal agency may claim a tax credit in the amount listed on the tax credit certificate on its
378     tax return.
379          (b) A business entity, local government entity, or community development and renewal
380     agency that claims a tax credit under this section shall retain the tax credit certificate in
381     accordance with Section 59-7-614.2 or 59-10-1107.
382          Section 6. Section 63M-1-2406 is amended to read:
383          63M-1-2406. Reports -- Posting monthly and annual reports -- Audit and study of
384     tax credits.
385          (1) The office shall include the following information in the annual written report
386     described in Section 63M-1-206:
387          (a) the office's success in attracting new commercial projects to development zones
388     under this part and the corresponding increase in new incremental jobs;
389          (b) how many new incremental jobs and high paying jobs are employees of a company
390     that received tax credits under this part, including the number of employees who work for a
391     third-party rather than directly for a company, receiving the tax credits under this part;
392          [(b)] (c) the estimated amount of tax credit commitments made by the office and the
393     period of time over which tax credits will be paid;
394          [(c)] (d) the economic impact on the state [related to generating] from new state
395     revenues and [providing] the provision of tax credits under this part;
396          [(d)] (e) the estimated costs and economic benefits of the tax credit commitments [that]
397     made by the office [made];
398          [(e)] (f) the actual costs and economic benefits of the tax credit commitments [that]
399     made by the office [made]; and
400          [(f)] (g) tax credit commitments [that] made by the office [made], with the associated
401     calculation.
402          (2) [The] Each month, the office shall [monthly] post on its website and on a state
403     website:
404          (a) the new tax credit commitments [that] made by the office [made] during the
405     previous month; and
406          (b) the estimated costs and economic benefits of those tax credit commitments.
407          (3) (a) On or before November 1, 2014, and every [five] three years after November 1,
408     2014, the office shall:
409          (i) conduct an audit of the tax credits allowed under Section 63M-1-2405;
410          (ii) study the tax credits allowed under Section 63M-1-2405; and
411          (iii) make recommendations concerning whether the tax credits should be continued,
412     modified, or repealed.
413          (b) [An] The audit [under Subsection (3)(a)(i)] shall include an evaluation of:
414          (i) the cost of the tax credits;
415          (ii) the purposes and effectiveness of the tax credits; [and]
416          (iii) the extent to which the state benefits from the tax credits[.]; and
417          (iv) the state's return on investment under this part measured by new state revenues,
418     compared with the costs of tax credits provided and GOED's expenses in administering this
419     part.
420          Section 7. Section 63M-1-2407 is amended to read:
421          63M-1-2407. Reports of new state revenues, partial rebates, and tax credits.
422          (1) Before [December] October 1 of each year, the office shall submit a report to the
423     Governor's Office of Management and Budget, the Office of Legislative Fiscal Analyst, and the
424     Division of Finance identifying:
425          (a) (i) the total estimated amount of new state revenues created from new commercial
426     projects in [the] development zones; [and]
427          (ii) the estimated amount of new state revenues from new commercial projects in [the]
428     development zones that will be generated from:
429          (A) sales tax;
430          (B) income tax; and
431          (C) corporate franchise and income tax;
432          (b) (i) the total estimated amount of partial rebates as defined in Section 63M-1-2408
433     that the office projects will be required to be paid in the next fiscal year; and
434          (ii) the estimated amount of partial rebates as defined in Section 63M-1-2408 that are
435     attributable to:
436          (A) sales tax;
437          (B) income tax; and
438          (C) corporate franchise and income tax; and
439          (iii) the minimum number of new incremental jobs and high paying jobs that will be
440     created before any tax credit is awarded; and
441          (c) the total estimated amount of tax credits that the office projects that business
442     entities, local government entities, or community development and renewal agencies will
443     qualify to claim under this part.
444          (2) By the first business day of each month, the office shall submit a report to the
445     Governor's Office of Management and Budget, the Office of Legislative Fiscal Analyst, and the
446     Division of Finance identifying:
447          (a) each new agreement entered into by the office since the last report;
448          (b) the estimated amount of new state revenues that will be generated under each
449     agreement; [and]
450          (c) the estimated maximum amount of tax credits that a business entity, local
451     government entity, or community development and renewal agency could qualify for under
452     each agreement[.]; and
453          (d) the minimum number of new incremental jobs and high paying jobs that will be
454     created before any tax credit is awarded.
455          (3) At the reasonable request of the Governor's Office of Management and Budget, the
456     Office of Legislative Fiscal Analyst, or the Division of Finance, the office shall provide
457     additional information about the tax credit, new incremental jobs and high paying jobs, costs,
458     and economic benefits related to this part, if the information is part of a public record as
459     defined in Section 63G-2-103.
460          Section 8. Repealer.
461          This bill repeals:
462          Section 63M-1-2408, Transition clause -- Renegotiation of agreements -- Payment
463     of partial rebates.
464          Section 9. Effective date.
465          This bill takes effect on September 1, 2015.
466          Section 10. Coordinating S.B. 179 with S.B. 18 -- Substantive and technical
467     amendments.
468          If this S.B. 179 and S.B. 18, Governor's Office of Economic Development Revisions,
469     both pass and become law, it is the intent of the Legislature that the amendments to Section
470     63M-1-2403 in this bill supersede the amendments to the newly renumbered Section
471     63N-2-103 in S.B. 18 when the Office of Legislative Research and General Counsel prepares
472     the Utah Code database for publication.