Utah HB0427 modifies tax increment financing by requiring public entities to apply for approval before using tax increment.

Utah HB0427 modifies tax increment financing by requiring public entities to apply for approval before using tax increment. Beginning July 1, 2026, public entities must conduct a public meeting and submit an application to the Governor's Office of Economic Opportunity. The office reviews the application and can approve or deny it based on clarity and accuracy. Approved entities can proceed with tax increment, while denied entities can resubmit.

Utah HB0427 modifies tax increment financing by requiring public entities to apply for approval before using tax increment.

Utah HB0427 modifies tax increment financing by requiring public entities to apply for approval before using tax increment. Beginning July 1, 2026, public entities must conduct a public meeting and submit an application to the Governor's Office of Economic Opportunity. The office reviews the application and can approve or deny it based on clarity and accuracy. Approved entities can proceed with tax increment, while denied entities can resubmit.