(1) Beginning on May 6, 2027, except as provided in Subsections (2) and (3), a political subdivision may not provide an incentive to a large load data center.
(2)
(a) A municipality or county, or agency created by a municipality or county, may provide an incentive to a large load data center:
(i) only if the large load data center is located within a regionally significant development zone, as described in Title 63N, Chapter 3a, Part 4, Regionally Significant Zones with Energy Implications; and
(ii) with regionally significant development zone funds described in Subsection 63N-3a-403(5).
(b) A regional economic development authority may provide an incentive to a large load data center:
(i) if the large load data center is located in a project area created by the regional economic development authority;
(ii) if the regional economic development authority's project area overlaps with a regionally significant development zone, as described in Subsection 63N-3a-208(7)(b); and
(iii) the incentive is funded by:
(A) regionally significant development zone funds described in Section 63N-3a-403 that have been shared with the regional economic development authority; or
(B) the regional economic development authority's project area funds, subject to a maximum cap of 60% of property tax increment generated within the overlapping project area.
(c) A county that levies the county energy excise tax authorized in Section 59-37-201 may provide up to 80% of the revenue generated by the county energy excise tax as an incentive to a large load data center.
(d) A municipality that levies the municipal energy tax authorized in Title 10, Chapter 1, Part 3, Municipal Energy Sales and Use Tax Act, may provide up to 80% of the revenue generated by the municipal energy tax as an incentive to a large load data center.
(e) A sales and use tax exemption described in Section 59-12-104 does not constitute an incentive.
(3) A political subdivision that entered into an agreement to provide an incentive to a large load data center, or has adopted a survey area resolution in accordance with Section 17C-5-103 with intent to provide an incentive to a large load data center, before May 6, 2027:
(a) may continue to provide the incentive according to the terms of the political subdivision's agreement;
(b) may not extend the term of the agreement; and
(c) may not increase the value of the incentive under the agreement.