Utah Admin. Code R357-15-2 - Definitions
In addition to the definitions under Sections 63N-2-202, 59-7-614.10, and 59-10-1037 the following terms are defined:
(1) "Annual investment",
"Investment" or "Qualifying investment" means the purchase of most types of
tangible property, except land, such as buildings, machinery, vehicles,
furniture, and equipment that:
(a) qualifies
for depreciation under the Internal Revenue Service's Form 4562; and
(b) is put into service at an operating
address of the business entity, that is within an enterprise zone designated by
the office for the applicable tax year.
(2) "Baseline" means the highest number of
employee positions that existed at the business entity in the previous taxable
year.
(3) "Qualified business use
vehicle" means an automobile, light truck, heavy truck, van, utility vehicle,
boat, recreational vehicle, airplane, or motorcycle.
(4) "New full-time employee position" means a
position that has been newly created in addition to the baseline filled by an
employee working at least 30 hours per week where the period ends in the tax
year for which the credit is claimed.
(5) "Payment documentation" means a:
(a) bank statement;
(b) cleared check;
(c) signed and executed financing agreement;
or
(d) signed statement from the
seller confirming the payer, payee, date paid, and amount paid for cash
payments.
(6) "Purchase
documentation" means a bill of sale, contract of sale, receipt, invoice, or
other documentation which identifies the buyer, seller, purchase price, items
purchased, and the date of purchase.
(7) "Residential rental property" means the
same as Internal Revenue Service's publication 527.
(8) "Retail trade" means a business entity
that collects sales and use tax based on Section
59-12-103.
(9) "Same ownership" means two or more
business entities that are owned or partially owned by the same individual or
individuals.
(10) "Value-added
business entity" means a company that creates a change in the physical state or
form of a product in a manner that enhances its value, thus expanding the
customer base of the product. Examples include milling wheat into flour or
making strawberries into jam.
Notes
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