Utah · statute · Utah Code tit. 63N · 333 active provisions
As used in this title: (1) "Baseline jobs" means the number of full-time employee positions that existed within a business entity in the state before the date on which a project related to the business entity is approved by the office or by the GOED board. (2) "Baseline state revenue" means the amount of state tax reve…
(1) The purpose of the Economic Opportunity Act and the entities established in the act is to catalyze strategic economic development opportunities for all residents of the state with a vision of creating economically thriving communities, businesses, and families throughout the state. (2) The purpose is realized throu…
(1) There is created the Governor's Office of Economic Development. (2) The office is: (a) responsible for creating and implementing the statewide economic development strategy that: (i) unifies and coordinates economic development efforts in the state; (ii) includes key performance indicators for long-term progress to…
(1) The office shall be administered, organized, and managed by an executive director appointed by the governor, with the advice and consent of the Senate. (2) The executive director serves at the pleasure of the governor. (3) The salary of the executive director shall be established by the governor within the salary r…
(1) Unless otherwise expressly provided by statute, the executive director may organize the office in any appropriate manner, including the appointment of deputy directors of the office. (2) The executive director may consolidate personnel and service functions for efficiency and economy in the office. (3) The executiv…
(1) The executive director or the executive director's designee shall: (a) become generally informed of significant rate cases and policy proceedings before the Public Service Commission; and (b) monitor and study the potential economic development impact of the proceedings. (2) In the discretion of the executive direc…
The office shall develop an incentive review process under the direction of the speaker of the House of Representatives and the president of the Senate.
(1) The office shall prepare and submit to the governor and the Legislature, by October 1 of each year, an annual written report of the operations, activities, programs, and services of the office, including the divisions, sections, boards, commissions, councils, and committees established under this title, for the pre…
(1) As used in this section, "direct award grant" means the same as that term is defined in Section 63G-6b-101. (2) In addition to the requirements of Title 63G, Chapter 6b, State Grants, the office may not distribute grant funds from a direct award grant to a recipient entity unless the office follows the standards or…
(1) For purposes of this section, "employer-provided child care tax credits" means the nonrefundable income tax credits available to employers under Sections 59-7-627 and 59-10-1048. (2) The office shall develop and maintain a webpage on the office's public website through which employers may obtain information and res…
(1) (a) There is created within the office the Board of Economic Development, consisting of nine members appointed by the executive director of the office, in consultation with the governor, to four-year terms of office with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancie…
(1) The GOED board shall advise and assist the office to: (a) promote and encourage the economic, commercial, financial, industrial, agricultural, and civic welfare of the state; (b) promote and encourage the development, attraction, expansion, and retention of businesses, industries, and commerce in the state; (c) sup…
(1) There is created the Economic Development Council. (2) The council consists of the following voting members: (a) the governor, or the governor's designee, who shall be the chair of the council; (b) the president of the Senate or the president's designee; (c) the speaker of the House of Representatives or the speake…
The council shall: (1) establish strategic economic development objectives for the state, including establishing broad objectives; (2) provide recommendations to the executive director regarding efforts to achieve strategic economic development objectives; (3) make recommendations to the Legislature; (4) unify and coor…
(1) The chair and executive director shall, no later than May 31, 2026, provide a report to the Economic Development and Workforce Services Interim Committee that describes the council and office's progress in coordinating efforts around opportunity zone application development. (2) Beginning January 1, 2027, the chair…
(1) This chapter is known as "Tax Credit Incentives for Economic Development." (2) This part is known as "Economic Development Tax Increment Financing."
This part is enacted to: (1) foster and develop targeted industries in the state, to stimulate community-focused economic growth, and to diversify and catalyze the state's economy; (2) create high paying employment opportunities in the state; (3) provide tax credits to attract new commercial projects and new jobs in ec…
As used in this part: (1) (a) "Business entity" means a person that enters into a written agreement with the office to initiate a new commercial project in Utah that will qualify the person to receive a tax credit under Section 59-7-614.2 or 59-10-1107. (b) With respect to a tax credit authorized by the office in accor…
(1) The office may create an economic development zone in the state if the following requirements are satisfied: (a) the area is located within a commercial or industrial zone; (b) the local government entity having jurisdiction over the area supports the creation of the development zone; and (c) the local government e…
(1) The office shall certify a business entity's eligibility for a tax credit as provided in this section. (2) A business entity is eligible to receive a tax credit for a new commercial project if: (a) the new commercial project: (i) (A) is located and provides direct investment within the geographic boundaries of a de…
(1) If the office determines that a business entity is eligible for a tax credit under Section 63N-2-104.1, the office may enter into a written agreement with the business entity that: (a) establishes performance benchmarks for the business entity to claim a tax credit, including any minimum wage requirements; (b) spec…
(1) Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds: (a) 50% of the new state revenues from the new commercial project in any given year; or (b) 30% of the new state…
(1) A business entity may claim a tax credit under this part if the office: (a) determines that the business entity is eligible for a tax credit under Section 63N-2-104.1; (b) enters into a written agreement with the business entity in accordance with Section 63N-2-104.2; and (c) issues a tax credit certificate to the…
(1) The office shall include the following information in the annual written report described in Section 63N-1a-306: (a) the office's success in attracting new commercial projects to development zones under this part and the corresponding increase in new incremental jobs; (b) how many new incremental jobs and high payi…
(1) Before October 1 of each year, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying: (a) (i) the total estimated amount of new state revenue created from new commercial projects; (ii) the estimated amo…