Utah Code 63N-2-302. Definitions
Current as of: 2024 | Check for updates
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As used in this part:
(1) “Business applicant” means a business that:
Terms Used In Utah Code 63N-2-302
- Business applicant: means a business that:(1)(a) is a claimant, estate, or trust; and(1)(b) meets the criteria established in Section 63N-2-304. See Utah Code 63N-2-302
- claimant: means a resident person or a nonresident person. See Utah Code 63N-2-302
- Enterprise zone: means an area within a county or municipality that has been designated as an enterprise zone by the office under Part 2, Enterprise Zone Act. See Utah Code 63N-2-302
- Estate: means a resident estate or a nonresident estate. See Utah Code 63N-2-302
- 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- Refundable tax credit: means a tax credit that a claimant, estate, or trust may claim:
(6)(a) as provided by statute; and(6)(b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under:(6)(b)(ii) Title 59, Chapter 10, Individual Income Tax Act. See Utah Code 63N-2-302- Statute: A law passed by a legislature.
- Targeted business income tax credit: means a refundable tax credit available under this part. See Utah Code 63N-2-302
- Trust: means a resident trust or a nonresident trust. See Utah Code 63N-2-302
(1)(a) is a claimant, estate, or trust; and(1)(b) meets the criteria established in Section 63N-2-304.(2)(2)(a) Except as provided in Subsection (2)(b), “claimant” means a resident person or a nonresident person.(2)(b) “Claimant” does not include an estate or trust.(3) “Community investment project” means a project that includes one or more of the following criteria in addition to the normal operations of the business applicant:(3)(a) significant new employment; or(3)(b) significant new capital development.(4) “Enterprise zone” means an area within a county or municipality that has been designated as an enterprise zone by the office under Part 2, Enterprise Zone Act.(5) “Estate” means a resident estate or a nonresident estate.(6) “Refundable tax credit” means a tax credit that a claimant, estate, or trust may claim:(6)(a) as provided by statute; and(6)(b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under:(6)(b)(ii) Title 59, Chapter 10, Individual Income Tax Act.(7) “Targeted business income tax credit” means a refundable tax credit available under this part.(8) “Targeted business income tax credit eligibility certificate” means a document provided by the office to a business applicant before the applicant may claim a targeted business income tax credit under this part.(9) “Trust” means a resident trust or a nonresident trust.