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Senate passes bill allowing universities to create development areas, allocate privileged tax revenue to institutions and municipalities
Summary
Second substitute Senate Bill 129, a bill to create higher‑education development areas and specify revenue distribution, passed the Utah Senate by roll call 25-0 with four absent.
Second substitute Senate Bill 129, a bill to create higher‑education development areas and specify revenue distribution, passed the Utah Senate by roll call 25-0 with four absent.
Sponsor Senator Wilson described the bill as a way for universities to unlock revenue from university-owned land development projects and direct those revenues into a newly established fund for capital facilities, operations, maintenance and other university needs. Among the changes in the second substitute, the bill sets Jan. 1, 2035 as the deadline by which an eligible university may designate a development area,…
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