Utah Code 59-10-1112. Targeted business income tax credit
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(1) As used in this section, “business applicant” means the same as that term is defined in Section 63N-2-302.
Terms Used In Utah Code 59-10-1112
- tax credit: means a tax credit that a claimant, estate, or trust may claim:(3)(a) as provided by statute; and(3)(b) regardless of whether the claimant, estate, or trust has a tax liability under this chapter for a taxable year. See Utah Code 59-10-1102(2) For a taxable year that begins before January 1, 2023, a business applicant that is certified and issued a targeted business income tax eligibility certificate by the Governor’s Office of Economic Opportunity under Section 63N-2-304 may claim a refundable tax credit in the amount specified on the targeted business income tax eligibility certificate.(3) For a taxable year for which a business applicant claims a targeted business income tax credit under this section, the business applicant may not claim or carry forward a tax credit under Section 59-7-610, Section 59-10-1007, or Title 63N, Chapter 2, Part 2, Enterprise Zone Act.