17C-1-404 - Tax increment under a post-June 30, 1993 project area plan. - Utah Statutes

17C-1-404. Tax increment under a post-June 30, 1993 project area plan.
(1) This section applies to tax increment under a post-June 30, 1993 project area planadopted before May 1, 2006, only.
(2) An agency board may provide in the project area budget for the agency to be paid:
(a) if 20% of the project area budget is allocated for housing under Section 17C-2-203:
(i) 100% of annual tax increment for 15 years;
(ii) 75% of annual tax increment for 24 years; or
(iii) if approved by the taxing entity committee, any percentage of tax increment up to100%, or any specified dollar amount, for any period of time; or
(b) if 20% of the project area budget is not allocated for housing under Section17C-2-203:
(i) 100% of annual tax increment for 12 years;
(ii) 75% of annual tax increment for 20 years; or
(iii) if approved by the taxing entity committee, any percentage of tax increment up to100%, or any specified dollar amount, for any period of time.

Renumbered and Amended by Chapter 359, 2006 General Session