Utah Code 63N-2-303. Duties of the office
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The office shall:
(1) monitor the implementation and operation of this part and conduct a continuing evaluation of the effectiveness of the targeted business income tax credit in bringing significant new employment and significant new capital development to rural communities;
Terms Used In Utah Code 63N-2-303
- 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
- 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. See Utah Code 63N-2-302- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Targeted business income tax credit: means a refundable tax credit available under this part. See Utah Code 63N-2-302
- 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. See Utah Code 63N-2-302
(2) determine a business entity’s eligibility for a targeted business income tax credit award;(3) ensure that tax credits are only awarded under this part to a business applicant that has satisfied performance benchmarks as determined by the office;(4) ensure that the amount of targeted business income tax credit awarded to a business applicant through a targeted business income tax credit eligibility certificate is no more than $100,000 for the business applicant’s taxable year;(5) ensure that the aggregate amount of targeted business income tax credits awarded to business applicants through targeted business income tax credit eligibility certificates is no more than $300,000 for each fiscal year;(6) as part of the annual written report described in Section 63N-1a-306, prepare an annual evaluation that provides:(6)(a) the identity of each business applicant that was provided a targeted business income tax credit eligibility certificate by the office during the year of the annual report; and(6)(b) the total amount awarded in targeted business income tax credit for each development zone; and(7) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and in accordance with the provisions of this part, make rules regarding:(7)(a) the determination of what constitutes:(7)(a)(i) significant new employment;(7)(a)(ii) significant new capital development; and(7)(a)(iii) a community investment project;(7)(b) the form and content of an application for a targeted business income tax credit eligibility certificate under this part;(7)(c) documentation or other requirements for a business applicant to receive a targeted business income tax credit eligibility certificate under this part; and(7)(d) administration of targeted business income tax credit awards and the issuing of targeted business income tax credit eligibility certificates, including relevant timelines and deadlines. - 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: