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(1) monitor the implementation and operation of this part and conduct a continuing evaluation of the effectiveness of the targeted business income tax credit in bringing significant new employment and significant new capital development to rural communities;
(2) determine a business entity's eligibility for a targeted business income tax credit award;
(3) ensure that tax credits are only awarded under this part to a business applicant that has satisfied performance benchmarks as determined by the office;
(4) ensure that the amount of targeted business income tax credit awarded to a business applicant through a targeted business income tax credit eligibility certificate is no more than $100,000 for the business applicant's taxable year;
(5) ensure that the aggregate amount of targeted business income tax credits awarded to business applicants through targeted business income tax credit eligibility certificates is no more than $300,000 for each fiscal year;
(6) as part of the annual written report described in Section 63N-1a-306, prepare an annual evaluation that provides:
(a) the identity of each business applicant that was provided a targeted business income tax credit eligibility certificate by the office during the year of the annual report; and
(b) the total amount awarded in targeted business income tax credit for each development zone; and
(7) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and in accordance with the provisions of this part, make rules regarding:
(a) the determination of what constitutes:
(i) significant new employment;
(ii) significant new capital development; and
(iii) a community investment project;
(b) the form and content of an application for a targeted business income tax credit eligibility certificate under this part;
(c) documentation or other requirements for a business applicant to receive a targeted business income tax credit eligibility certificate under this part; and
(d) administration of targeted business income tax credit awards and the issuing of targeted business income tax credit eligibility certificates, including relevant timelines and deadlines.