Utah Admin. Code R357-21-9 - Reports

(1) The annual reports required by Section 63N-4-307 shall include information required in statute and must also include, with respect to the first report for any eligible small business:

(a) a baseline of the number of employees at each eligible small business that receives an investment based on a payroll report of the eligible small business;

(b) new state revenue generated by the eligible small business for the previous taxable year of the annual report;

(c) NAICS Code designations the eligible small business is officially subscribed to; and

(d) a brief description of the eligible small business including general business activities; how investment funds are being utilized by the eligible small business, and any other information the approved applicant feels relevant.

(e) the amount of funding that the eligible small business has received through Title 63N, Chapter 3, Part 8, State Small Business Credit Initiative Program Fund; and

(f) an authorization to disclose tax information for each eligible small business that accurately reports new state revenue.

(2) New annual jobs shall be calculated on an annual basis by subtracting the baseline number of employees reported in Section R357-21-9 from annual employment level of the eligible small business calculated by averaging the monthly payroll reports of the eligible small business for the applicable year, provided that such average with respect to the initial annual report for an eligible small business shall only include payroll reports for the months following the initial growth investment and shall be multiplied by 50% if such initial growth investment occurs after June 30 of the applicable year. New annual jobs reported may not be less than zero.

(3) Within five days of its investment of 100% of its rural investment authority in growth investments in this state with at least 70% invested in rural counties, the approved applicant must notify the office of milestone achievements on a report that includes:

(a) the name and location of each eligible small business;

(b) the amount invested in each eligible small business; and

(c) whether the eligible small business is located in a rural county.

(4) An approved applicant may submit the reports on its own forms, but reports must be presented in plain language and simple to navigate.

(5) The office will apply a proration of job creation for each company that received investment from multiple Rural Jobs Act applicants, determined by investment duration for the year and amount.

Notes

Utah Admin. Code R357-21-9

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