SALT LAKE CITY?The Utah Transit Authority is considering selling its $500 million light-rail system to a private company and leasing it back to take advantage of federal tax law and raise millions of dollars.

UTA officials said the sale lease back plan, in use in several other states, could provide an immediate $25 million to $50 million.

An option to buy back the property after 25 years or so would be included in the contract.

“We are essentially selling the tax benefit to a private entity because we can’t take advantage of that,” UTA attorney Kathryn Pett told Democratic legislators Tuesday.