Senate adopts substitute to change tax capture, housing and phase rules for Point of the Mountain project
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Summary
Senate substitute to SB 278 alters sales/privilege‑tax capture and allows sale of acreage for for‑sale housing; it reverses an earlier capture split so local taxing entities receive a larger share and applies a sunset in dealings with Draper City. The substitute passed (21–3).
Senator Stevenson presented a substitute to SB 278 that modifies the Point of the Mountain Land Use Authority statute. The substitute allows the Authority to proceed with the sale of roughly 50–58 acres for for‑sale housing, clarifies that phase‑1 privilege tax capture is restricted to the initial 105 acres, and reverses a previous capture split so that more revenue returns to taxing entities rather than the Authority.
Stevenson said the bill also applies a sunset in dealings involving Draper City and is intended to streamline prior legislation and capture sales tax generated during the life of a state loan. "The Point Of The Mountain Land Use Authority has a large loan from the state of Utah," he said, describing mechanics whereby privilege tax proceeds are managed and shared.
Senators raised no substantive floor objections and the substitute was adopted; the third‑reading callable motion passed with a recorded tally of 21 yea, 3 nay and 5 absent.
Next steps: The substitute was read for a third time and will be processed per legislative procedure for transmittal to the House.