Utah Code 63N-2-104.3. Limitations on tax credit amount
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(1) Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds:
Terms Used In Utah Code 63N-2-104.3
- Commission: means the Unified Economic Opportunity Commission created in Section
63N-1a-201 . See Utah Code 63N-1a-102 - New commercial project: means an economic development opportunity that:(5)(a) involves a targeted industry;(5)(b) is located within:(5)(b)(i) a county of the third, fourth, fifth, or sixth class; or(5)(b)(ii) a municipality that has a population of 10,000 or less and the municipality is located within a county of the second class; or(5)(c) involves an economic development opportunity that the commission determines to be eligible for a tax credit under this part. See Utah Code 63N-2-103
- 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 an economic development tax credit created by Section
Utah Code 63N-2-103 (1)(a) 50% of the new state revenues from the new commercial project in any given year;(1)(b) 30% of the new state revenues from the new commercial project over a period of up to 20 years; or(1)(c) 35% of the new state revenues from the new commercial project over a period of up to 20 years, if:(1)(c)(i) the new commercial project brings 2,500 or more new incremental jobs to the state;(1)(c)(ii) the amount of capital expenditures associated with the new commercial project is $1,000,000,000 or more; and(1)(c)(iii) the commission approves the tax credit.
(2) If the office authorizes a tax credit for a new commercial project located within the boundary of:
(2)(a) a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;
(2)(b) a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and
(2)(c) a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.