Utah Code 63N-4-306. Request for determination
Current as of: 2024 | Check for updates
|
Other versions
(1) A rural investment company, before making a growth investment, may request from the office a written opinion as to whether the business in which a rural investment company proposes to invest is an eligible small business.
Terms Used In Utah Code 63N-4-306
- Eligible small business: means a business that at the time of an initial growth investment in the business by a rural investment company:(5)(a) has fewer than 150 employees;(5)(b) has less than $10,000,000 in net income for the preceding taxable year;(5)(c) maintains the business's principal business operations in the state; and(5)(d) is engaged in an industry related to:(5)(d)(i) aerospace;(5)(d)(ii) defense;(5)(d)(iii) energy and natural resources;(5)(d)(iv) financial services;(5)(d)(v) life sciences;(5)(d)(vi) outdoor products;(5)(d)(vii) software development;(5)(d)(viii) information technology;(5)(d)(ix) manufacturing; or(5)(d)(x) agribusiness. See Utah Code 63N-4-302
- Growth investment: means any capital or equity investment in an eligible small business or any loan made from the investment authority to an eligible small business with a stated maturity at least one year after the date of issuance. 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
(2) The office shall notify the rural investment company of the office’s determination within 30 days after receipt of the request.(3) If the office fails to notify the rural investment company of the office’s determination in accordance with this section, the business in which the rural investment company proposes to invest shall be considered an eligible small business.