17C-1-401 - Agency receipt and use of tax increment and sales tax -- Distribution of tax increment and sales tax.
17C-1-401. Agency receipt and use of tax increment and sales tax -- Distribution oftax increment and sales tax.
(1) An agency may receive and use tax increment and sales tax, as provided in this part.
(2) (a) The applicable length of time or number of years for which an agency is to be paidtax increment or sales tax under this part shall be measured:
(i) for a pre-July 1, 1993 project area plan, from the first tax year regarding which theagency accepts tax increment from the project area;
(ii) for a post-June 30, 1993 urban renewal or economic development project area plan,from the first tax year for which the agency receives tax increment under the project area budget;or
(iii) for a community development project area plan, as indicated in the resolution orinterlocal agreement of a taxing entity that establishes the agency's right to receive tax incrementor sales tax.
(b) Unless otherwise provided in a project area budget that is approved by a taxing entitycommittee, or in an interlocal agreement or resolution adopted by a taxing entity, tax incrementmay not be paid to an agency for a tax year prior to the tax year following:
(i) for an urban renewal or economic development project area plan, the effective date ofthe project area plan; and
(ii) for a community development project area plan, the effective date of the interlocalagreement that establishes the agency's right to receive tax increment.
(3) With respect to a community development project area plan:
(a) a taxing entity or public entity may, by resolution or through interlocal agreement,authorize an agency to be paid any or all of that taxing entity or public entity's tax increment orsales tax for any period of time; and
(b) the resolution or interlocal agreement authorizing the agency to be paid tax incrementor sales tax shall specify:
(i) the base taxable value of the project area; and
(ii) the method of calculating the amount of tax increment or sales tax to be paid to theagency.
(4) With the written consent of a taxing entity, an agency may be paid tax increment,from that taxing entity's tax revenues only, in a higher percentage or for a longer period of time,or both, than otherwise authorized under this title.
(5) Each county that collects property tax on property within a project area shall pay anddistribute to the agency the tax increment that the agency is entitled to collect under this title, inthe manner and at the time provided in Section 59-2-1365.
Amended by Chapter 279, 2010 General Session