to the State Reinvestment Restricted Account. (1) As used in this section, "designated remitting percentage" means the percentage of property tax increment revenue established by the committee as described in Subsection 63N-3a-203(4). (2) (a) A creating entity may propose a qualified development zone boundary that includes a project area and an impacted primary area. (b) The committee may establish a qualified development zone boundary that includes: (i) a project area only; or (ii) a project area and a proposed impacted primary area. (3) A creating entity's agency may receive, remit, and use property tax increment in accordance with this section and as described in Title 17C, Chapter 6, Regionally Significant Development Zones Act. (4) The creating entity or creating entity's agency: (a) may trigger the collection of property tax increment by parcel; and (b) shall send notice of commencement of collection of property tax increment to the following entities by no later than October 1 of the year before the year in which property tax increment collection is proposed to commence: (i) the tax commission; (ii) the State Board of Education; (iii) the state auditor; (iv) the county auditor and county assessor of each county within the qualified development zone boundary; (v) each taxing entity to be affected by collection of property tax within the qualified development zone boundary; and (vi) the office. (5) (a) A county that collects property tax on property located within a qualified development zone boundary shall, in accordance with Section 59-2-1365, distribute to the creating entity's agency: (i) the percentage of property tax increment established by the committee as described in Subsection 63N-3a-203(4), not to exceed: (A) 70% for a regionally significant transit-oriented zone; (B) 70% for a regionally significant first home village; and (C) 60% for a regionally significant economic development opportunity; and (ii) if applicable, the percentage of personal property tax revenue generated within the boundary, as established by the committee under Subsection 63N-3a-203(4). (b) Property tax revenue distributed to a creating entity's agency in accordance with this Subsection (5): (i) is not revenue of the taxing entity, the creating entity, or the creating entity's agency; and (ii) constitutes regionally significant development zone funds and shall be administered as described in Section 17C-6-203. (6) The creating entity's agency may receive property tax increment within a qualified development zone boundary for: (a) up to 25 total years, subject to any limit established by the committee under Subsection 63N-3a-203(4); and (b) no longer than 40 years after the effective date of the regionally significant development zone. (7) No later than March 1, the agency for a regionally significant development zone shall transfer the established remitting percentage of revenue collected in the previous calendar year to the state treasurer for deposit into the State Reinvestment Restricted Account created in Section 51-9-1102. (8) Once the maximum amount of property tax increment has been distributed to the creating entity's agency, as established by the committee in Subsection 63N-3a-203(4), the county that collects property tax on property located within a qualified development zone boundary is no longer obligated to distribute property tax increment generated within the qualified development zone boundary or personal property tax revenue to the creating entity's agency.
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