Utah Code 63N-2-809. Issuance of tax credit certificates
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(1) For a tax credit applicant that seeks to claim a tax credit, the office may issue a tax credit certificate to the tax credit applicant:
Terms Used In Utah Code 63N-2-809
- Commission: means the Unified Economic Opportunity Commission created in Section
63N-1a-201 . See Utah Code 63N-1a-102 - 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 under Section 59-10-1025. See Utah Code 63N-2-802
- Tax credit applicant: means a person that applies to the office to receive a tax credit certificate under this part. See Utah Code 63N-2-802
- Tax credit certificate: means a certificate issued by the office that:(6)(a) lists the name of the tax credit certificate recipient;(6)(b) lists the tax credit certificate recipient's taxpayer identification number;(6)(c) lists the amount of the tax credit certificate recipient's tax credits authorized under this part for a taxable year; and(6)(d) includes other information as determined by the office. See Utah Code 63N-2-802(1)(a) for the first taxable year for which the tax credit applicant qualifies for the tax credit and enters into an agreement with the office;(1)(b) for two taxable years immediately following the taxable year described in Subsection (1)(a); and(1)(c) for the seven taxable years immediately following the last of the two taxable years described in Subsection (1)(b) if:(1)(c)(i) the agreement with the office described in Section 63N-2-808 includes a provision that the tax credit applicant will make new capital expenditures of at least $1,000,000,000 in the state; and(1)(c)(ii) the tax credit applicant makes new capital expenditures of at least $1,000,000,000 in the state in accordance with the agreement with the office described in Section 63N-2-808.
(2) The office shall provide a duplicate copy of each tax credit certificate to the State Tax Commission.