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Utah House approves short-term tax and credit package to boost development in Opportunity Zones
Summary
The House passed a three-part bill to pair state incentives with federal Opportunity Zones — prioritizing air-quality credits, affordable housing credits and a temporary parking-structure tax credit near transit — sending the measure to the Senate after a 52–15 vote.
The Utah House on Feb. 26 passed a bill designed to encourage private investment in federally designated Opportunity Zones by pairing state tax incentives with the federal program.
Representative Winter, sponsor of the second substitute to House Bill 299, told colleagues the package is 'a 3 pronged approach' that prioritizes existing state air-quality tax credits and state affordable-housing credits for projects in Opportunity Zones, and creates a new, three‑year state tax credit for parking structures within a quarter mile of a transit station that provide at least 50 public park‑and‑ride stalls.
Supporters said the measure will help shovel-ready projects overcome barriers — including high parking-structure costs — and steer investment toward both urban and rural zones designated as distressed census tracts. Representative Barlow and other backers said Opportunity Zone incentives have already spurred multifamily and redevelopment projects and that the state package will encourage projects that include transit access and address air quality.
Opponents questioned timing and distribution of zone benefits, arguing some areas nominated as Opportunity Zones lacked the local capacity to capture investment and that incentives could disproportionately favor market‑rate development. Representative Lyman suggested working with the congressional delegation to reallocate or refine zones where local governments were unaware of nominations, calling some areas 'zones of missed opportunity.'
Representative Briscoe asked whether the parking-structure credit would be tied to affordable housing; the sponsor said current language does not require a housing link but that the Utah Housing Corporation and coalition provided input and that such a requirement could be considered in future amendments.
The House adopted the substitute and approved final passage 52–15. The measure moves to the Senate for consideration.
The bill contains a three‑year sunset and was described by its sponsor as intended to 'surf' a narrow window of federal investment opportunities.
Next steps: HB 299 will be transmitted to the Senate for its committee and floor consideration.
