This bill:

• defines terms and modifies definitions;
• prohibits a political subdivision from providing an incentive to a large load data center, with exceptions;
• establishes the State Reinvestment Restricted Account (account);
• describes the potential uses for money in the account;
• directs the Utah Inland Port Authority to deposit certain revenues into the account;
• modifies certain requirements for a public infrastructure district;
• provides a process for the dissolution of a public infrastructure district;
• requires the disclosure of the expected annual cost of a public infrastructure district's certified tax rate, as shown on the last equalized assessment rolls, in the conveyance of residential real property, if applicable;
• creates the optional County Energy Excise Tax;
• requires the State Tax Commission to deposit revenue, in certain circumstances, into the account;
• provides that certain records related to economic development projects, including nondisclosure agreements, may be classified as protected records;
• modifies the process for a person providing a record to a governmental entity to make a claim of confidentiality regarding the record;
• modifies provisions governing the sharing of a protected record;
• requires the risk manager to make rules to establish the limit of liability for damages from the intentional disclosure of a protected record;
• provides that a housing and transit reinvestment zone, first home investment zone, convention center reinvestment zone, or home ownership promotion zone may not be created after January 1, 2028;
• provides retrospective operation for certain provisions governing a housing and transit reinvestment zone, first home investment zone, and convention center reinvestment zone to May 4, 2022;
• requires the Political Subdivisions Interim Committee to create a working group and describes the membership of the working group;
• creates a process for a county or city to propose a regionally significant development zone (zone) and for a committee to approve the creation of a zone;
• authorizes a zone to capture and utilize certain forms of tax increment;
• describes how a zone will be managed, including how a community reinvestment agency (agency) will manage zone funds, prepare zone budgets, conduct zone audits, and make biennial reports;
• describes the circumstances in which an agency or a county treasurer shall transfer a percentage of zone revenue into the account;
• modifies the prohibition on local government offering a financial incentive for an energy development project outside an electrical energy development zone;
• coordinates this bill with H.B. 475, Development Planning and Coordination Amendments; and
• makes technical and conforming changes.