(1) A rural investment company shall submit an annual report to the office on or before the last day of February for each preceding calendar year until the rural investment company exits the program in accordance with Section 63N-4-309. The annual report shall provide documentation as to the rural investment company’s growth investments and include:

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Terms Used In Utah Code 63N-4-307

  • Closing date: means the date on which a rural investment company collects:
         (3)(a) all of the investments described in Subsection 63N-4-303(7) related to phase one investment authority; or
         (3)(b) all of the investments described in Subsection 63N-4-303(7) related to phase two investment authority. See Utah Code 63N-4-302
  • Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
  • Eligible small business: means a business that at the time of an initial growth investment in the business by a rural investment company:
         (5)(a) has fewer than 150 employees;
         (5)(b) has less than $10,000,000 in net income for the preceding taxable year;
         (5)(c) maintains the business's principal business operations in the state; and
         (5)(d) is engaged in an industry related to:
              (5)(d)(i) aerospace;
              (5)(d)(ii) defense;
              (5)(d)(iii) energy and natural resources;
              (5)(d)(iv) financial services;
              (5)(d)(v) life sciences;
              (5)(d)(vi) outdoor products;
              (5)(d)(vii) software development;
              (5)(d)(viii) information technology;
              (5)(d)(ix) manufacturing; or
              (5)(d)(x) agribusiness. See Utah Code 63N-4-302
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Growth investment: means any capital or equity investment in an eligible small business or any loan made from the investment authority to an eligible small business with a stated maturity at least one year after the date of issuance. See Utah Code 63N-4-302
  • Investment authority: means the minimum amount of investment a rural investment company must make in eligible small businesses in order for credit-eligible contributions to the rural investment company to qualify for a rural job creation tax credit under Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302
  • New annual jobs: means the difference between:
              (13)(a)(i)
                   (13)(a)(i)(A) the monthly average of full-time employees that are paid a high wage at an eligible small business for the preceding calendar year; or
                   (13)(a)(i)(B) if the preceding calendar year contains the initial growth investment, the monthly average of full-time employees that are paid a high wage at an eligible small business for the months including and after the initial growth investment and before the end of the preceding calendar year; and
              (13)(a)(ii) the number of full-time employees that are paid a high wage at the eligible small business on the date of the initial growth investment. See Utah Code 63N-4-302
  • Phase one investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(i). See Utah Code 63N-4-302
  • Phase two investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(ii). See Utah Code 63N-4-302
  • Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302
  • Rural investment company: means a person approved by the office under Section 63N-4-303. See Utah Code 63N-4-302
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
     (1)(a) a bank statement evidencing each growth investment;
     (1)(b) the name, location, and industry of each business concern receiving a growth investment, including either the determination letter set forth in Section 63N-4-306 or evidence that the business qualified as an eligible small business at the time the investment was made;
     (1)(c) the number of new annual jobs at each eligible small business for the preceding calendar year, accompanied by a report from a third-party accounting firm attesting that the number of new annual jobs was calculated in accordance with procedures approved by the office;
     (1)(d) unless provided in a previously submitted annual report, for each eligible small business to which the rural investment company provided a growth investment during the preceding calendar year, a document that expressly directs and authorizes the State Tax Commission to disclose to the office the eligible small business’s returns and other information that would otherwise be subject to confidentiality under Section 59-1-403; and
     (1)(e) any other information required by the office.
(2) For the annual report due in 2022, each rural investment company shall submit the documents described in Subsection (1)(d) on or before July 1, 2022.
(3)

     (3)(a) Within 60 days of receipt of an annual report, the office shall provide written confirmation to the rural investment company of the number of new annual jobs the rural investment company has been credited with for the preceding calendar year.
     (3)(b) When granting credit for one or more new annual jobs at an eligible small business that received or held a growth investment from more than one rural investment company during the preceding calendar year, the office shall allocate credit for each new annual job between the rural investment companies:

          (3)(b)(i) in proportion to each rural investment company’s share of the total growth investments the eligible small business received during the calendar year; or
          (3)(b)(ii) in accordance with any written agreement between the rural investment companies.
(4) By the fifth business day after the third anniversary of the closing date, a rural investment company shall submit a report to the office providing evidence that the rural investment company is in compliance with the investment requirements of Section 63N-4-305.
(5) In accordance with rules made by the office, a rural investment company that receives phase one investment authority and phase two investment authority shall submit an annual report under this section that provides separate information related to the phase one investment authority and the phase two investment authority.
(6)

     (6)(a) The office shall submit the document described in Subsection (1)(d) to the State Tax Commission.
     (6)(b) Upon receipt of a document described in Subsection (1)(d), the State Tax Commission shall provide the office with the returns and other information the office requests and that the State Tax Commission is directed and authorized to provide.
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