6-59-103 - Adoption of boundaries of zone Apportionment and distribution of sales and use tax revenues. [Effective until June 30, 2015. See the Compiler's Notes.]
6-59-103. Adoption of boundaries of zone Apportionment and distribution of sales and use tax revenues. [Effective until June 30, 2015. See the Compiler's Notes.]
(a) The governing body of a municipality may designate the boundaries of a courthouse square revitalization zone by adoption of an ordinance or resolution.
(b) Sales and use tax revenue shall be apportioned and distributed to, in accordance with the provisions of this chapter, a municipality containing a revitalization zone, in an amount equal to the amount of state and local tax revenue derived under title 67, chapter 6, from sales or use of goods, products and services within the revitalization zone; provided, that the allocations, apportionments and payments set forth in this subsection (b) shall not apply to state or local tax revenue derived from any area added to a courthouse square revitalization zone by amendment of the boundaries of the revitalization zone by the municipality after the approval of the municipality's application by the department of finance and administration, unless the department has determined, in accordance with the provisions of this chapter, that the area added to the revitalization zone is appropriate. The amount so distributed to the municipality shall be used exclusively for maintaining and improving the viability of the courthouse square through any means deemed appropriate by the governing body of the municipality, including, but not limited to, making loans or grants to the county governing body or any other public or private person, entity or association for use on infrastructure, marketing and other purposes related to revitalization.
(c) Notwithstanding any provision of subsection (b) or § 6-59-104(a) to the contrary, the amount of revenue apportioned and distributed to a municipality under this chapter shall equal the amount of state tax revenue derived under title 67, chapter 6, from sales or use of goods, products and services within the revitalization zone.
[Acts 2005, ch. 448, § 4; 2006, ch. 1019, § 56.]