UT HB0427

Beginning July 1, 2026, public entities seeking to use tax increment financing must conduct an application authorization meeting with 10 days public notice and submit an application to the Governor's Office of Economic Opportunity for approval before triggering or collecting tax increment

Applications must identify the public good addressed, type and maximum cap of tax increment revenue sought, provide a "but-for analysis" demonstrating the project cannot proceed without tax increment, and show proportionate benefit to residents/taxpayers

The Office of Economic Opportunity has 30 days to review applications and may only deny them if information is unclear, vague, or demonstrably inaccurate—not based on disagreement with the proposal's merits

Public entities receiving more tax increment revenue than anticipated must use excess funds to defease bonds or accelerate debt repayment, and authorization expires upon reaching the maximum cap or end of the collection time period

Approved application information must be posted on the state's public finance website, and the office must coordinate with collecting entities to ensure transparent collection processes