PocketLaw | Utah Code | Definitions.

Definitions.

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Affected by 63I-1-263 on 7/1/2028

Effective 5/14/2019
63N-2-202. Definitions.

(1) "Business entity" means an entity, sole proprietorship, or individual:
- (a) including a claimant, estate, or trust; and
- (b) under which or by whom business is conducted or transacted.

(2) "Claimant" means a resident or nonresident person that has:
- (a) Utah taxable income as defined in Section 59-7-101; or
- (b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information.

(3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204.

(4) "Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

(5) "Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204.

(6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may:
- (a) claim:
  - (i) as provided by statute; and
  - (ii) in an amount that does not exceed the business entity's tax liability for a taxable year under:
    - (A)Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
    - (B)Title 59, Chapter 10, Individual Income Tax Act; and
- (b) carry forward or carry back:
  - (i) if allowed by statute; and
  - (ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:
    - (A)Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
    - (B)Title 59, Chapter 10, Individual Income Tax Act.

(7) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63N-2-213.

(8) "Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

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