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(1) For a tax credit applicant that seeks to claim a tax credit, the office may issue a tax credit certificate to the tax credit applicant:
(a) for the first taxable year for which the tax credit applicant qualifies for the tax credit and enters into an agreement with the office;
(b) for two taxable years immediately following the taxable year described in Subsection (1)(a); and
(c) for the seven taxable years immediately following the last of the two taxable years described in Subsection (1)(b) if:
(i) the agreement with the office described in Section 63N-2-808 includes a provision that the tax credit applicant will make new capital expenditures of at least $1,000,000,000 in the state; and
(ii) the tax credit applicant makes new capital expenditures of at least $1,000,000,000 in the state in accordance with the agreement with the office described in Section 63N-2-808.
(2) The office shall provide a duplicate copy of each tax credit certificate to the State Tax Commission.