This bill addresses local and regional economic development projects and related provisions.
This bill:
- defines terms and modifies definitions;
- prohibits a political subdivision from providing an incentive to a large load data center, with exceptions;
- establishes the State Reinvestment Restricted Account (account);
- describes the potential uses for money in the account;
- directs the Utah Inland Port Authority to deposit certain revenues into the account;
- modifies certain requirements for a public infrastructure district;
- provides a process for the dissolution of a public infrastructure district;
- requires the disclosure of the expected annual cost of a public infrastructure district's certified tax rate, as shown on the last equalized assessment rolls, in the conveyance of residential real property, if applicable;
- creates the optional County Energy Excise Tax;
- requires the State Tax Commission to deposit revenue, in certain circumstances, into the account;
- provides that certain records related to economic development projects, including nondisclosure agreements, may be classified as protected records;
- modifies the process for a person providing a record to a governmental entity to make a claim of confidentiality regarding the record;
- modifies provisions governing the sharing of a protected record;
- requires the risk manager to make rules to establish the limit of liability for damages from the intentional disclosure of a protected record;
- provides that a housing and transit reinvestment zone, first home investment zone, convention center reinvestment zone, or home ownership promotion zone may not be created after January 1, 2028;
- provides retrospective operation for certain provisions governing a housing and transit reinvestment zone, first home investment zone, and convention center reinvestment zone to May 4, 2022;
- requires the Political Subdivisions Interim Committee to create a working group and describes the membership of the working group;
- creates a process for a county or city to propose a regionally significant development zone (zone) and for a committee to approve the creation of a zone;
- authorizes a zone to capture and utilize certain forms of tax increment;
- describes how a zone will be managed, including how a community reinvestment agency (agency) will manage zone funds, prepare zone budgets, conduct zone audits, and make biennial reports;
- describes the circumstances in which an agency or a county treasurer shall transfer a percentage of zone revenue into the account;
- modifies the prohibition on local government offering a financial incentive for an energy development project outside an electrical energy development zone;
- coordinates this bill with H.B. 475, Development Planning and Coordination Amendments; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 10-21-501, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 59-1-306, 59-2-924, 59-12-205, 63N-3-604, 63N-3-605, 63N-3-1603, 79-6-1104
Substitute #1: 10-21-501, 11-41-102, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-409, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 59-1-306, 59-2-924, 63N-3-604, 63N-3-605, 63N-3-1603, 79-6-1104
Substitute #2: 10-21-501, 11-41-102, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-409, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 59-1-306, 59-2-924, 63N-3-604, 63N-3-604.1, 63N-3-605, 63N-3-1603, 79-6-1104
Substitute #3: 10-21-501, 11-41-102, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-409, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 17D-4-303, 59-1-306, 59-2-924, 63G-2-206, 63G-2-305, 63G-2-309, 63G-2-802, 63G-7-605, 63N-2-103, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-604.1, 63N-3-605, 63N-3-607, 63N-3-611, 63N-3-1603, 63N-3-1609, 79-6-1104
Enrolled: 10-21-501, 11-41-102, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-409, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 17D-4-303, 59-1-306, 59-2-924, 63G-2-206, 63G-2-305, 63G-2-309, 63G-2-802, 63G-7-605, 63I-2-263, 63N-2-103, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-604.1, 63N-3-605, 63N-3-607, 63N-3-608, 63N-3-611, 63N-3-1603, 63N-3-1609, 79-6-1104
Substitute #4: 10-21-501, 11-41-102, 11-58-102, 11-58-602, 17-80-501, 17C-1-102, 17C-1-409, 17C-1-603, 17D-4-201, 17D-4-202, 17D-4-202.1, 17D-4-203, 17D-4-204, 17D-4-303, 59-1-306, 59-2-924, 63G-2-206, 63G-2-305, 63G-2-309, 63G-2-802, 63G-7-605, 63I-2-263, 63N-2-103, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-604.1, 63N-3-605, 63N-3-607, 63N-3-608, 63N-3-611, 63N-3-1603, 63N-3-1609, 79-6-1104