Bill Summary – FastDemocracy

02-27-24 3:34 PM                                                2nd Sub. (Salmon) S.B. 268
 development activity;
        (ii) necessary for the use and convenience of the occupants or users of development
 resulting from a development activity; and
        (iii) not identified or reimbursed as a system improvement.
        (b) "Project improvements" does not mean system improvements.
        (21) "State Tax Commission" means the State Tax Commission created in Section
 59-1-201.
        (22) (a) "System improvements" means existing and future public facilities that are
 designed to provide services to service areas within the community at large.
        (b) "System improvements" does not mean project improvements.
        (23) (a) "Tax increment" means the difference between:
        (i) the amount of property tax revenue generated each tax year by a taxing entity from
 the area within a first home investment zone designated in the first home investment zone
 proposal as the area from which tax increment is to be collected, using the current assessed
 value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
        (ii) the amount of property tax revenue that would be generated from that same area
 using the base taxable value and each taxing entity's current certified tax rate as defined in
 Section 59-2-924.
        (b) "Tax increment" does not include property tax revenue from:
        (i) a multicounty assessing and collecting levy described in Subsection 59-2-1602(2);
 or
        (ii) a county additional property tax described in Subsection 59-2-1602(4).
        (24) "Taxing entity" means the same as that term is defined in Section 17C-1-102.
        (25) "Unencumbered annual community reinvestment agency revenue" means tax
 increment revenue received by the agency for purposes identified in Title 17C, Limited
 Purpose Local Government Entities - Community Reinvestment Agency Act, that:
        (a) have not been designated º [, set aside,] » or restricted for future qualified uses as
 approved under a project area plan and project area budget related to a specific project area;
 and
        (b) do not have a date certain by which the tax increment revenues will be used.
        Section 6. Section 63N-3-1302 is enacted to read:
                                                      - 25 -     House Committee Amendments 2-27-2024 ho/kpg
Statutes affected: 
Introduced: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
Amended: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
Enrolled: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
S.B. 268 1st Substitute : 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
S.B. 268 2nd Substitute : 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
S.B. 268 3rd Substitute (Not Adopted) Text: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
S.B. 268 2nd Substitute (Not Adopted) Text: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605
S.B. 268 1st Substitute (Not Adopted) Text: 59-2-924, 63N-3-602, 63N-3-603, 63N-3-605