Sales and use tax increment in a housing and transit reinvestment zone.
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(1) A housing and transit reinvestment proposal shall, in consultation with the tax commission:
(a) create a sales and use tax boundary as described in Subsection (2); and
(b) establish a sales and use tax base year and collection period to calculate and transfer the state sales and use tax increment within the housing and transit reinvestment zone.
(2)
(a) The municipality or public transit county, in consultation with the tax commission, shall establish a sales and use tax boundary that:
(i) is based on state sales and use tax collection boundaries; and
(ii) follows as closely as reasonably practicable the boundary of the housing and transit reinvestment zone.
(b) The municipality or public transit county shall include the sales and use tax boundary in the housing and transit reinvestment zone proposal as described in Section 63N-3-604.
(3) Beginning one year after the sales and use tax boundary for a housing and transit reinvestment zone is established, the tax commission shall, at least annually, transfer an amount equal to 15% of the sales and use tax increment within an established sales and use tax boundary into the Transit Transportation Investment Fund created in Section 72-2-124.
(4)
(a) The requirement described in Subsection (3) to transfer incremental sales tax revenue shall take effect:
(i) on the first day of a calendar quarter; and
(ii) after a 90-day waiting period, beginning on the date the commission receives notice from the municipality or public transit county meeting the requirements of Subsection (4)(b).
(b) The notice described in Subsection (4)(a) shall include:
(i) a statement that the housing and transit reinvestment zone will be established under this part;
(ii) the approval date and effective date of the housing and transit reinvestment zone; and
(iii) the definitions of the sales and use tax boundary and sales and use tax base year.