(1) The possession or beneficial use of property within the state fair park is exempt from taxation under Title 59, Chapter 4, Privilege Tax.
(2) (a) Any agreement between the corporation and a person to develop property within the state fair park shall provide that the person shall, in accordance with Title 59, Chapter 3, Tax Equivalent Property Act, make a tax equivalent payment as defined in Section 59-3-102 to the corporation each year. (b) The corporation shall deposit all revenue collected under Subsection (2)(a) into the Utah State Fair Fund created in Section 63H-6-107.
(a) Any agreement between the corporation and a person to develop property within the state fair park shall provide that the person shall, in accordance with Title 59, Chapter 3, Tax Equivalent Property Act, make a tax equivalent payment as defined in Section 59-3-102 to the corporation each year.
(b) The corporation shall deposit all revenue collected under Subsection (2)(a) into the Utah State Fair Fund created in Section 63H-6-107.
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