UT SB0221

Redefines "base year" for housing and transit reinvestment zones as the calendar year immediately preceding the first year of property tax increment collection, with a fixed base year of December 31, 2023 for convention center reinvestment zones in capital cities

Increases the maximum number of property tax increment collection periods from three to five for the same project during the applicable 30-year or 45-year period for housing and transit reinvestment zones

Establishes new procedures for boundary adjustments to investment zones, requiring Governor's Office of Economic Opportunity consultation with county auditors and housing and transit reinvestment zone committee approval before changes can be made

Allows municipalities to use housing and transit reinvestment zone funds for "extraterritorial affordable housing" located outside the zone boundary but within the municipality, provided housing is owner-occupied for at least 25 years and part of developments with at least six units per acre

Modifies affordable housing pricing for first home investment zones from 80% of county median home price to 120% of area median income for owner-occupied homes, with an alternative option of 80% of zip code median home price under certain conditions