Expenditure of amounts received by a local government entity or community reinvestment agency as a tax credit -- Commingling of tax credit amounts with certain other amounts.
Expenditure of amounts received by a local government entity or community reinvestment agency as a tax credit -- Commingling of tax credit amounts with certain other amounts.
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(1) Subject to Subsections (2) and (3), a local government entity or community reinvestment agency may expend amounts the local government entity or community reinvestment agency receives as a tax credit under Section 59-7-614.2:
(a) for infrastructure, including real property or personal property, if that infrastructure is related to the new commercial project with respect to which the local government entity or community reinvestment agency claims the tax credit under Section 59-7-614.2; or
(b) for another economic development purpose related to the new commercial project with respect to which the local government entity or community reinvestment agency claims the tax credit under Section 59-7-614.2.
(2) A local government entity may:
(a) commingle amounts the local government entity receives as a tax credit under Section 59-7-614.2 with amounts the local government entity receives under Title 63N, Chapter 3, Part 1, Industrial Assistance Account; and
(b) expend the commingled amounts described in Subsection (2)(a) for a purpose described in Title 63N, Chapter 3, Part 1, Industrial Assistance Account, if that purpose is related to the new commercial project with respect to which the local government entity claims the tax credit under Section 59-7-614.2.
(3) A community reinvestment agency may:
(a) commingle amounts the community reinvestment agency receives as a tax credit under Section 59-7-614.2 with amounts the community reinvestment agency receives under Title 17C, Chapter 1, Part 4, Project Area Funds; and
(b) expend the commingled amounts described in Subsection (3)(a) for a purpose described in Title 17C, Chapter 1, Part 4, Project Area Funds, if that purpose is related to the new commercial project with respect to which the community reinvestment agency claims the tax credit under Section 59-7-614.2.