Utah Admin. Code R357-21-8 - Form and Notice for Tax Credits

(1) An approved applicant that has fully funded its investment authority allocation and has provided the evidence required in Subsection 63N-4-303(7) shall notify the office annually of the entities that are eligible to use tax credits as follows:

(a) by submitting the a "Notification of Investment Authority Allocation for Rural Jobs Act Tax Credits" to the office on official letterhead;

(b) each notice shall be accompanied by documentation of the investment made in the fund raised by the approved applicant with respect to the entity claiming a tax credit including investment amount, entity name, and entity federal employer identification number;

(c) each notice shall be accompanied by any documents requested by the office; and

(d) for tax credits allowed to a partnership, limited liability company or S-corporation, the notice shall be accompanied by any necessary documentation or agreements to demonstrate how the credits will be used by the partners, members, or shareholders.

(2) Each tax credit certificate shall contain the following contingencies:

(a) certification provision requiring the entity receiving the tax credit to certify:

(i) it is subject to the recapture provisions set forth in Section 63N-4-305; and

(ii) it will not sell the tax credit on the open market;

(b) be available for use annually in accordance with the applicable percentages to the entity receiving the tax credit after receipt and acceptance of the approved applicant's annual report to the office; and

(c) any event of recapture outlined by the Utah Small Business Jobs Act or this rule shall prevent the use of an annual tax credit certificate to the entity receiving the tax credit.

Notes

Utah Admin. Code R357-21-8

Adopted by Utah State Bulletin Number 2017-24, effective 11/28/2017 Amended by Utah State Bulletin Number 2022-22, effective 10/27/2022