Terms Used In Utah Code > Title 63N > Chapter 4 > Part 3 - Utah Rural Jobs Act

• 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.
• Affiliate: means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another person. See Utah Code 63N-4-302
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Excess return: means the difference between:
            (6)(a)(i) the present value of all growth investments made by a rural investment company on the day the rural investment company applies to exit the program under Section 63N-4-309, including the present value of all distributions and gains from the growth investments; and
            (6)(a)(ii) the sum of the amount of the original growth investment and an amount equal to any projected increase in the equity holder's federal or state tax liability, including penalties and interest, related to the equity holder's ownership, management, or operation of the rural investment company. See Utah Code 63N-4-302
• Federally licensed rural business investment company: means a person licensed as a rural business investment company under Utah Code 63N-4-302
• Federally licensed small business investment company: means a person licensed as a small business investment company under Utah Code 63N-4-302
• Full-time employee: means an employee that throughout the year works at least 30 hours per week or meets the customary practices accepted by that industry as full time. 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
• High wage: means a wage that is at least 100% of the county average wage. See Utah Code 63N-4-302
• Investment authority: means the minimum amount of investment a rural investment company must make in eligible small businesses in order for credit-eligible contributions to the rural investment company to qualify for a rural job creation tax credit under Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302
• New annual jobs: means the difference between:
            (13)(a)(i)

                 (13)(a)(i)(A) the monthly average of full-time employees that are paid a high wage at an eligible small business for the preceding calendar year; or

                 (13)(a)(i)(B) if the preceding calendar year contains the initial growth investment, the monthly average of full-time employees that are paid a high wage at an eligible small business for the months including and after the initial growth investment and before the end of the preceding calendar year; and
            (13)(a)(ii) the number of full-time employees that are paid a high wage at the eligible small business on the date of the initial growth investment. See Utah Code 63N-4-302
• 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
• Phase one investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(i). See Utah Code 63N-4-302
• Phase two investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(ii). See Utah Code 63N-4-302
• Principal business operations: means the location where at least 60% of a business's employees work or where employees that are paid at least 60% of a business's payroll work. See Utah Code 63N-4-302
• Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302
• Rural county: means :
       (18)(a) with respect to phase one investment authority, any county in this state except Salt Lake, Utah, Davis, Weber, Washington, Cache, Tooele, and Summit counties; or
       (18)(b) with respect to phase two investment authority, any county in this state except Salt Lake, Utah, Davis, and Weber counties. 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
• State reimbursement amount: means the difference between:
            (20)(a)(i) 50% of the rural investment company's credit-eligible capital contributions; and
            (20)(a)(ii) the product of:

                 (20)(a)(ii)(A) the total sum of new annual jobs reported to the office; and

                 (20)(a)(ii)(B) $20,000 with respect to phase one investment authority, or $15,000 with respect to phase two investment authority. See Utah Code 63N-4-302
• 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
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5