HB 461

02-02 12:45  H.B. 461
1Tax Increment Financing Revisions
                                       2026 GENERAL SESSION
                                            STATE OF UTAH
                                  Chief Sponsor: Raymond P. Ward
                                              Senate Sponsor:
2
3   LONG TITLE
4   General Description:
5This bill deals with the publication of information about tax increment revenue.
6   Highlighted Provisions:
7This bill:
8▸ defines terms;
9▸ requires the boards of the Utah Inland Port Authority, the Point of the Mountain State
10   Land Authority, the Utah Fairpark Area Investment and Restoration District, the
11   Military Installation Development Authority, and the Governor's Office of Economic
12   Opportunity, on behalf of the convention center reinvestment zones, to publish
13   information related to tax increment revenue on a publicly accessible website; and
14▸ makes technical and conforming changes.
15   Money Appropriated in this Bill:
16None
17   Other Special Clauses:
18None
19   Utah Code Sections Affected:
20   AMENDS:
2163N-1a-402, as last amended by Laws of Utah 2024, Chapter 159
22   ENACTS:
2311-58-306, Utah Code Annotated 1953
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2411-59-307, Utah Code Annotated 1953
2511-70-306, Utah Code Annotated 1953
2663H-1-305, Utah Code Annotated 1953
2763N-3-612, Utah Code Annotated 1953
28
29   Be it enacted by the Legislature of the state of Utah:
30Section 1. Section 11-58-306 is enacted to read:
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3111-58-306 . Board to publish property tax differential information.
32  (1) On or before June 30 of each year, the board shall publish on the authority's website, or
33      the website the Governor's Office of Economic Opportunity determines in accordance
34      with Section 63N-1a-402, the following information:
35      (a) for each project area from which the authority received property tax differential:
36(i) an assessment of the change in the project area's value, including:
37(A) the base taxable value;
38(B) the estimated current assessed value; and
39(C) the percentage change between the base taxable value and the estimated
40current assessed value;
41(ii) the amount of property tax differential the authority received for each year the
42authority received property tax differential from the project area, including:
43(A) a comparison of the actual property tax differential received for each year to
44the forecasted property tax differential for each year when the authority created
45the project area;
46(B) the authority's historical receipts and expenditures of property tax differential;
47and
48(C) a list of each taxing entity that imposes a tax within the project area and a
49description of the benefits that each taxing entity receives from the project area;
50(iii) the amount of property tax differential the taxing entities expect to pay to the
51authority for the next calendar year;
52(iv) the total amount of property tax differential the authority may receive from the
53project area cumulatively and from each taxing entity;
54(v) the number of years remaining that the authority may collect property tax
55differential from the project area;
56(vi) a map of the project area;
57(vii) a description of how the receipt of property tax differential during the preceding
58year furthered the project area plan's goals, policies, and purposes; and
59(viii) any other relevant information the authority elects to provide;
60      (b) for a project area from which the authority has not yet received property tax
61differential:
62(i) the year in which the authority expects to receive property tax differential from the
63project area; and
64(ii) the total amount of property tax differential the authority may receive from the
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65project area cumulatively and from each taxing entity; and
66(c) for the authority jurisdictional land:
67(i) an assessment of the change in the authority jurisdictional land's value, including:
68(A) the base taxable value;
69(B) the estimated current assessed value; and
70(C) the percentage change between the base taxable value and the estimated
71current assessed value;
72(ii) the amount of property tax differential the authority received for each year the
73authority received property tax differential from the authority jurisdictional land,
74including:
75(A) a comparison of the actual property tax differential received for each year to
76the forecasted property tax differential for each year for the authority
77jurisdictional land;
78(B) the authority's historical receipts and expenditures of property tax differential;
79and
80(C) a list of each taxing entity that imposes a tax within the authority jurisdictional
81land and a description of the benefits that each taxing entity receives from the
82authority jurisdictional land;
83(iii) the estimated amount of property tax differential to be paid to the authority for
84the next calendar year;
85(iv) a map of the authority jurisdictional land;
86(v) a description of how the receipt of property tax differential during the preceding
87year furthered the goals, policies, and purposes of the authority jurisdictional land;
88and
89(vi) any other relevant information the authority elects to provide.
90   (2) The provisions of this section apply regardless of when the project area is created.
91   (3) On or before September 1 of each year, the executive director shall notify the Political
92Subdivisions Interim Committee that the board has complied with this section and the
93website where the board posted the information this section requires.
94Section 2. Section 11-59-307 is enacted to read:
9511-59-307 . Board to publish property tax augmentation information.
96   (1) As used in this section:
97(a) "Base taxable value" means the same as that term is defined in Section 11-59-208.
98(b) "Property tax augmentation" means the same as that term is defined in Section
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9911-59-208.
100      (c) "Transferred parcel" means the same as that term is defined in Section 11-59-208.
101      (d) "Transferred parcel area" means:
102(i) all parcels that have been transferred to a private person, as described in Section
10311-59-208; and
104(ii) all parcels for which the collection period has not expired in accordance with
105Subsection 11-59-208(2).
106  (2) On or before June 30 of each year, the board shall, for the transferred parcel area,
107      publish on the authority's website, or the website the Governor's Office of Economic
108      Opportunity determines in accordance with Section 63N-1a-402, the following
109      information:
110      (a) an assessment of the change in the transferred parcel area's value including:
111(i) the base taxable value;
112(ii) the estimated current assessed value; and
113(iii) the percentage change between the base taxable value and the estimated current
114assessed value;
115      (b) the amount of property tax augmentation the authority received for each year the
116authority received property tax augmentation from the transferred parcel area,
117including:
118(i) the authority's historical receipts and expenditures of property tax augmentation;
119and
120(ii) a list of each taxing entity that imposes a tax within the transferred parcel area
121and a description of the benefits that each taxing entity receives from the
122transferred parcel area;
123      (c) the amount of property tax augmentation the taxing entities expect to pay to the
124authority for the next calendar year;
125      (d) the number of years remaining that the authority may collect property tax
126augmentation from the transferred parcel area;
127      (e) a map of the transferred parcel area;
128      (f) a description of how the receipt of property tax augmentation during the preceding
129year furthered the authority's goals, policies, and purposes; and
130      (g) any other relevant information the authority elects to provide.
131  (3) The provisions of this section apply regardless of when a transferred parcel is
132      transferred to the authority.
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133   (4) On or before September 1 of each year, the executive director shall notify the Political
134Subdivisions Interim Committee that the board has complied with this section and the
135website where the board posted the information this section requires.
136Section 3. Section 11-70-306 is enacted to read:
13711-70-306 . Board to publish enhanced property tax revenue information.
138   (1) On or before June 30 of each year, the board shall publish on the fairpark district's
139website, or the website the Governor's Office of Economic Opportunity determines in
140accordance with Section 63N-1a-402, the following information:
141(a) for all parcels of privately owned land within the fairpark district boundary for which
142the payment period has not expired under a designation resolution, as described in
143Section 11-70-401:
144(i) an assessment of the change in the parcel's value, including:
145(A) the base taxable value;
146(B) the estimated current assessed value; and
147(C) the percentage change between the base taxable value and the estimated
148current assessed value;
149(ii) the amount of enhanced property tax revenue the fairpark district received for
150each year the fairpark district received enhanced property tax revenue from the
151parcel, including:
152(A) a comparison of the actual enhanced property tax revenue received for each
153year to the forecasted amount of enhanced property tax revenue for the parcels,
154if available;
155(B) the fairpark district's historical receipts and expenditures of enhanced property
156tax revenue;
157(C) the amount of enhanced property tax revenue that is paid to the host
158municipality, as described in Subsection 11-70-401(5); and
159(D) a list of each taxing entity that imposes a tax within the fairpark district
160boundary and a description of the benefits that each taxing entity receives from
161the fairpark district;
162(iii) the amount of enhanced property tax revenue the taxing entities expect to pay to
163the fairpark district for the next calendar year;
164(iv) the total amount of enhanced property tax revenue the fairpark district may
165receive from the parcels;
166(v) the number of years remaining that the fairpark district may collect enhanced
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167property tax revenue from the parcels; and
168(vi) a map of the parcels;
169      (b) for project areas outside the fairpark district boundary, as described in Section
17011-70-403, the project area budget, if applicable, or other analyses, with receipts and
171expenditures categorized by the type of receipt and expenditure related to the
172development performed or to be performed under the district budget or plan,
173including:
174(i) each project area collection period, including:
175(A) the start and end date of the payment period; and
176(B) the number of years remaining in each collection period;
177(ii) the amount of funds the authority may receive from the project area cumulatively
178and from each taxing entity, including:
179(A) the total dollar amount; and
180(B) the percentage of the total amount of enhanced property tax revenue generated
181within the project area;
182(iii) the remaining amount of enhanced property tax revenue the fairpark district may
183receive from the project area cumulatively and from each taxing entity; and
184(iv) a map of each project area;
185      (c) the estimated amount of enhanced property tax revenue to be paid to the fairpark
186district for the next calendar year from both parcels within the fairpark district
187boundary and project areas created outside the fairpark district boundary;
188      (d) a description of how the receipt of enhanced property tax revenue during the
189preceding year furthered the fairpark district's goals, policies, and purposes; and
190      (e) any other relevant information the authority elects to provide.
191  (2) The provisions of this section apply regardless of when a project area is created or when
192      a parcel of privately owned property within the fairpark district boundaries generates
193      enhanced property tax revenue.
194  (3) On or before September 1 of each year, the board shall notify the Political Subdivisions
195      Interim Committee that the board has complied with this section and the website where
196      the board posted the information this section requires.
197Section 4. Section 63H-1-305 is enacted to read:
19863H-1-305 . Board to publish certain information.
199  (1) On or before June 30 or each year, the board shall publish on the authority's website, or
200      the website the Governor's Office of Economic Opportunity determines in accordance
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201with Section 63N-1a-402, the following information:
202(a) for each project area from which the authority received property tax allocation:
203(i) an assessment of the change in the project area's value, including:
204(A) the base taxable value;
205(B) the estimated current assessed value; and
206(C) the percentage change between the base taxable value and the estimated
207current assessed value;
208(ii) the amount of property tax allocation the authority received for each year the
209authority received property tax allocation from the project area, including:
210(A) a comparison of the actual property tax allocation received for each year to the
211forecasted property tax allocation for each year when the authority created the
212project area;
213(B) the authority's historical receipts and expenditures of property tax allocation;
214and
215(C) a list of each taxing entity that imposes a tax within the project area and a
216description of the benefits that each taxing entity receives from the project area;
217(iii) the amount of property tax allocation the taxing entities expect to pay to the
218authority for the next calendar year;
219(iv) the total amount of property tax allocation the authority may receive from the
220project area cumulatively and from each taxing entity;
221(v) the number of years remaining that the authority may collect property tax
222allocation from the project area;
223(vi) a map of the project area;
224(vii) a description of how the receipt of property tax allocation during the preceding
225year furthered the project area plan's goals, policies, and purposes; and
226(viii) any other relevant information the authority elects to provide; and
227(b) for a project area from which the authority has not yet received property tax
228allocation:
229(i) the year in which the authority expects to receive property tax allocation from the
230project area; and
231(ii) the total amount of property tax allocation the authority may receive from the
232project area cumulatively and from each taxing entity.
233   (2) The provisions of this section apply regardless of when the project area is created.
234   (3) On or before September 1 of each year, the executive director shall notify the Political
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235      Subdivisions Interim Committee that the board has complied with this section and the
236      website where the board posted the information this section requires.
237Section 5. Section 63N-1a-402 is amended to read:
23863N-1a-402 . Board of Economic Opportunity duties and powers.
239  (1) The GOEO board shall advise and assist the office to:
240      (a) promote and encourage the economic, commercial, financial, industrial, agricultural,
241and civic welfare of the state;
242      (b) promote and encourage the development, attraction, expansion, and retention of
243businesses, industries, and commerce in the state;
244      (c) support the efforts of local government and regional nonprofit economic
245development organizations to encourage expansion or retention of businesses,
246industries, and commerce in the state;
247      (d) act to enhance the state's economy;
248      (e) develop policies, priorities, and objectives regarding the assistance, retention, or
249recruitment of business, industries, and commerce in the state;
250      (f) administer programs for the assistance, retention, or recruitment of businesses,
251industries, and commerce in the state;
252      (g) ensure that economic development programs are available to all areas of the state in
253accordance with federal and state law;
254      (h) identify local, regional, and statewide rural economic development and planning
255priorities;
256      (i) understand, through study and input, issues relating to local, regional, and statewide
257rural economic development, including challenges, opportunities, best practices,
258policy, planning, and collaboration; and
259      (j) maintain ethical and conflict of interest standards consistent with those imposed on a
260public officer under Title 67, Chapter 16, Utah Public Officers' and Employees'
261Ethics Act.
262  (2)(a) In addition to the duties and powers described in this section, the GOEO board
263      and office may coordinate with one or more regional land use authorities regarding
264      the publication of information required under:
265(i) Section 11-58-306, for the Utah Inland Port Authority;
266(ii) Section 11-59-307, for the Point of the Mountain State Land Authority;
267(iii) Section 11-70-306, for the Utah Fairpark Area Investment and Restoration
268District; and
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269(iv) Section 63H-1-305, for the Military Installation Development Authority.
270(b) The GOEO board shall make a recommendation to the office regarding whether the
271public would benefit from having the information described in Subsection (2)(a) and
272Section 63N-3-612 published on the same website.
273   (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
274GOEO board may, in consultation with the executive director, make rules for the
275conduct of the GOEO board's business.
276Section 6. Section 63N-3-612 is enacted to read:
27763N-3-612 . Office to publish certain information for a convention center
278   reinvestment zone.
279   (1) As used in this section:
280(a) "Collection area" means:
281(i) the area within a convention center reinvestment zone;
282(ii) the sales and use tax boundary of the convention center reinvestment zone, as
283described in Section 63N-3-610.1; and
284(iii) the sales and use tax boundary of the convention center public infrastructure
285district.
286(b) "Convention center public infrastructure district" means a public infrastructure
287district created in accordance with Subsection 63N-3-607(8).
288(c) "Zone" means a convention center reinvestment zone created in accordance with this
289part.
290   (2) On or before June 30 of each year, following the creation of a convention center
291reinvestment zone, the office shall publish on the office's website the following
292information for the collection area:
293(a) an assessment of the change in the zone's value, including:
294(i) the base taxable value;
295(ii) the estimated current assessed value; and
296(iii) the percentage change between the base taxable value and the estimated current
297assessed value;
298(b) the amount of property tax increment received from the zone, including:
299(i) a comparison of the actual property tax increment and sales and use tax increment
300received for each year to the forecasted property tax increment and sales and use
301tax increment for each year when the zone was created, if available;
302(ii) historical receipts and expenditures of property tax increment and sales and use
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303tax increment;
304(iii) a list of each taxing entity that imposes a tax within the zone and a description of
305the benefits that each taxing entity receives from the zone; and
306(iv) the amount paid to other taxing entities, if applicable;
307      (c) the amount of property tax increment and sales and use tax increment the taxing
308entities expect to pay to the public infrastructure district for the next calendar year;
309      (d) a map of the zone;
310      (e) a description of how the receipt of property tax increment and sales and use tax
311increment during the preceding year furthered the zone's goals, policies, and
312purposes; and
313      (f) any other relevant information the office elects to provide.
314  (3) The provisions of this section apply regardless of when a zone is created.
315  (4) On or before September 1 of each year, the office shall notify the Political Subdivisions
316      Interim Committee that the office has complied with this section and the website where
317      the office posted the information this section requires.
318Section 7. Effective Date.
319  This bill takes effect on May 6, 2026.
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