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Commission adopts amendment clarifying valuation of interlocal cooperation project property
Summary
The commission adopted amendments to R884-24P-16 to modify the definition of "sold" and clarify fair market valuation when capacity or services are sold or resold to energy suppliers, aligning with 2022 statutory changes to the Interlocal Cooperation Act project provisions.
Commissioner Rebecca L. Rockwell described amendments to R884-24P-16, which adjust the rule implementing Utah Code Ann. Section 11-13-302 and reflect statutory changes enacted in the 2022 General Session (Senate Bill 20). The amendment modifies the definition of "sold" for assessing property of an interlocal cooperation project entity and clarifies that fair market value for Utah ad valorem tax purposes is not reduced by the value of capacity or service ultimately sold or transferred to an energy supplier whose tangible personal property is not exempt under the Utah Constitution.
"I move to adopt the amendments to R884-24P-16. Assessment of Interlocal Cooperation Act Project Entity Properties Pursuant to Utah Code Ann. Section 11-13-302," Commissioner Rockwell said. The motion was adopted by roll call vote and recorded as passing unanimously. The minutes indicate the amendment also removes outdated language.
