Utah Code 63N-4-304. Tax credit
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(1) On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant’s credit-eligible capital contribution to the rural investment company.
Terms Used In Utah Code 63N-4-304
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Claimant: means a resident or nonresident person that has state taxable income. See Utah Code 63N-4-302
- Closing date: means the date on which a rural investment company collects:(3)(a) all of the investments described in Subsection 63N-4-303(7) related to phase one investment authority; or(3)(b) all of the investments described in Subsection 63N-4-303(7) related to phase two investment authority. See Utah Code 63N-4-302
- Commission: means the Unified Economic Opportunity Commission created in Section
63N-1a-201 . See Utah Code 63N-1a-102- Equal: means , with respect to biological sex, of the same value. 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- Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302
- Rural investment company: means a person approved by the office under Section 63N-4-303. See Utah Code 63N-4-302
- 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 rural job creation tax credit created by Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302
- Tax credit certificate: means a certificate issued by the office that:
(22)(a) lists the name of the person to which the office authorizes a tax credit;(22)(b) lists the person's taxpayer identification number;(22)(c) lists the amount of tax credit that the office authorizes the person to claim for the taxable year; and(22)(d) may include other information as determined by the office. See Utah Code 63N-4-302(2) In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:(2)(a) issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant’s total credit-eligible capital contribution; and(2)(b) provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.(3)(3)(a) A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office.(3)(b) A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section 59-1-1406.(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules describing:(4)(a) the documentation requirements for a business entity to receive a tax credit certificate under this section; and(4)(b) administration of the program, including relevant timelines and deadlines. - Commission: means the Unified Economic Opportunity Commission created in Section