59-12-120 - Investment incentive to ski resorts for lease or purchase of certain equipment -- Ski Resort Capital Investment Restricted Account created -- Conditions and restrictions on receiving incen
59-12-120. Investment incentive to ski resorts for lease or purchase of certainequipment -- Ski Resort Capital Investment Restricted Account created -- Conditions andrestrictions on receiving incentive -- State Tax Commission to administer.
(1) Any person operating a ski resort in the state of Utah shall be entitled to an investmentincentive in an amount not to exceed the costs incurred in the purchase or lease of:
(a) snow making equipment;
(b) ski slope grooming equipment; and
(c) passenger ropeways as defined in Section 72-11-102.
(2) The investment incentive allowed in Subsection (1) shall be paid from the Ski ResortCapital Investment Restricted Account created in Subsection (5). The investment incentive shallbe allowed only to the extent that for each dollar of investment incentive allowed, three dollarsshall be expended for the purchase or lease of property described in Subsection (1) by a personoperating a ski resort. The investment incentive paid out of the account shall be allocated amongski resorts based on the relation between the total sales tax collected from the sale of ski lifttickets in Utah to the total sales tax collected from the sale of ski lift tickets in Utah by each skiresort.
(3) The investment incentive is available to any person operating a ski resort in the stateof Utah making purchases or leases of property described in Subsection (1) on or after January 1,1989 and on or before December 31, 1992. All claims made under this section against theamount in the Ski Resort Capital Investment Restricted Account shall be made on or before June30, 1993.
(4) If a ski resort is sold or leased to an unrelated third party within four years after thereporting period in which the investment incentive allowed in Subsection (1) is taken, the personwho received the investment incentive shall reimburse to the Ski Resort Capital InvestmentRestricted Account an amount equal to all investment incentives received during the perioddescribed in Subsection (3). For purposes of this Subsection (4), if a ski resort is sold inconnection with a bankruptcy proceeding, the sale shall be considered the kind of sale requiringthe reimbursement of the investment incentive.
(5) There is created the Ski Resort Capital Investment Incentive Restricted Accountwithin the General Fund. The amount appropriated in this section is nonlapsing until July 1,1993.
(6) The State Tax Commission shall administer this section by rule.
Amended by Chapter 195, 1999 General Session