This bill addresses local and regional economic development projects.
This bill:
- establishes the State Reinvestment Restricted Account (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 expected annual cost of a public infrastructure district's final tax rate, as shown on the last equalized assessment rolls, in the conveyance of residential real property, if applicable;
- requires the State Tax Commission to deposit revenue, in certain circumstances, into the account;
- 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;
- authorizes a county to levy an energy tax within a zone, under certain circumstances;
- 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 shall transfer a percentage of zone revenue into the account;
- provides that a housing and transit reinvestment zone, first home investment zone, home ownership promotion zone, or major sporting event venue zone may not be created after January 1, 2028;
- requires the Governor's Office of Economic Opportunity (GOEO) to collect certain information from a regional economic development authority about the use of tax increment;
- requires GOEO to maintain, or cause to be maintained, a public-facing website where information about local and regional use of tax increment may be found;
- modifies the prohibition on local government offering a financial incentive for an energy development project outside an electrical energy development zone; 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