Section 63N-3-610 - Sales and use tax increment in a housing and transit reinvestment zone(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, which sales and use tax base year is established prospectively, 90 days after the date of the notice described in Subsection (4).(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, which are determined using the ZIP Code as defined in Section 59-12-102, including the four digit delivery route extension;(ii) follows as closely as reasonably practicable the boundary of the housing and transit reinvestment zone; and(iii) is one contiguous area that includes at least the entire boundary of the housing and transit reinvestment zone.(b) If a state sales and use tax boundary is bisected by the boundary of the housing and transit reinvestment zone, the housing and transit reinvestment zone may include the entire state sales and use tax boundary.(c) 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)(a) Beginning the first day of the calendar quarter 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.(b) A municipality or public transit county may only propose one sales and use tax increment period for a housing and transit reinvestment zone established under this section.(4)(a) The establishment of a sales and use tax base year and 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.Amended by Chapter 521, 2024 General Session ,§ 6, eff. 5/1/2024.Amended by Chapter 433, 2022 General Session ,§ 8, eff. 5/4/2022.Added by Chapter 411, 2021 General Session ,§ 11, eff. 1/1/2022.