Utah Code 59-10-1113. Refundable tax credit for nonrenewable hydrogen production system
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(1) As used in this section:
Terms Used In Utah Code 59-10-1113
- claimant: means a resident or nonresident person. See Utah Code 59-10-1102
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- estate: means a nonresident estate or a resident estate. See Utah Code 59-10-1102
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- 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
- 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- Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
(1)(aa)(i) an individual;(1)(aa)(ii) an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer;(1)(aa)(iii) a pass-through entity; or(1)(aa)(iv) a pass-through entity taxpayer. See Utah Code 59-10-103- trust: means a nonresident trust or a resident trust. See Utah Code 59-10-1102
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) “Commercial enterprise” means the same as that term is defined in Section 59-7-626.(1)(b) “Commercial unit” means the same as that term is defined in Section 59-7-626.(1)(c) “Hydrogen production system” means the same as that term is defined in Section 59-7-626.(1)(d) “Office” means the Office of Energy Development created in Section 79-6-401.(2)(2)(a) A claimant, estate, or trust may claim a refundable credit under this section if:(2)(a)(i) the claimant, estate, or trust owns a hydrogen production system;(2)(a)(ii) the hydrogen production system is completed and placed in service on or after January 1, 2022;(2)(a)(iii) the claimant, estate, or trust sells as a commercial enterprise, or supplies for the claimant’s, estate’s, or trust’s own use in commercial units, the hydrogen produced from the hydrogen production system;(2)(a)(iv) the claimant, estate, or trust has not claimed and will not claim a tax credit under Section 59-10-1106 for electricity used to meet the requirements of this section; and(2)(a)(v) the taxpayer obtains a written certification from the office in accordance with Subsection (3).(2)(b)(2)(b)(i) Subject to Subsections (2)(b)(ii) and (iii), a tax credit under this section is equal to the product of:(2)(b)(i)(A) $0.12; and(2)(b)(i)(B) the number of kilograms of hydrogen produced during the taxable year.(2)(b)(ii) A claimant, estate, or trust may not receive a tax credit under this section for more than 5,600 metric tons of hydrogen per taxable year.(2)(b)(iii) A claimant, estate, or trust is eligible to claim a tax credit under this section for production occurring during a period of 48 months beginning with the month in which the hydrogen production system is placed in commercial service.(3)(3)(a) Before a claimant, estate, or trust may claim a tax credit under this section, the claimant, estate, or trust shall obtain a written certification from the office.(3)(b) The office shall issue a claimant, estate, or trust a written certification if the office determines that:(3)(b)(i) the claimant, estate, or trust meets the requirements of this section to receive a tax credit; and(3)(b)(ii) the hydrogen production system with respect to which the claimant, estate, or trust seeks to claim a tax credit:(3)(b)(ii)(A) has been completely installed; and(3)(b)(ii)(B) is safe, reliable, efficient, and technically feasible to ensure that the hydrogen production system uses the state‘s nonrenewable energy resources in an appropriate and economic manner.(3)(c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office may make rules for determining whether a hydrogen production system meets the requirements of Subsection (3)(b)(ii).(3)(d) A claimant, estate, or trust that obtains a written certification from the office shall retain the certification for the same time period a person is required to keep books and records under Section 59-1-1406.(3)(e) The office shall submit to the commission an electronic list that includes:(3)(e)(i) the name and identifying information of each claimant, estate, or trust to which the office issues a written certification; and(3)(e)(ii) for each claimant, estate, or trust:(3)(e)(ii)(A) the amount of the tax credit listed on the written certification; and(3)(e)(ii)(B) the date the hydrogen production system was installed.(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules to address the certification of a tax credit under this section.(5) A tax credit under this section is in addition to any tax credits provided under the laws or rules and regulations of the United States.