Utah Admin. Code R357-3-104 - Application Content
(1) To determine a
company's eligibility for an Economic Development Tax Increment Financing
Incentive the company shall submit:
(a)
financial documents for the prior three years including:
(i) balance sheets;
(ii) income statements; and
(iii) cash flow statements; or
(b) other documentation
demonstrating that the company has the ability to finance the
project;
(c) corporate
structure;
(d) workforce
data;
(e) corporate citizenry
plan;
(f) plan to hire Utah
employees;
(g) forecasted new state
revenue associated with the new commercial project;
(h) forecasted incremental job creation
associated with the new commercial project;
(i) forecasted wages associated with the new
commercial project; and
(j)
forecasted annual water and electricity use.
(2) To determine a company's eligibility for
an Economic Development Tax Increment Financing Incentive the office may review
the company's:
(a) incentive offers from other
states;
(b) remote work options for
the project;
(c) market
analysis;
(d) proof of
fundraising;
(e) tax
filings;
(f) reshoring
plans;
(g) project to determine if
it is materially within scope of published definitions of one or more targeted
industries;
(h) forecasted annual
use of water and consumptive use percentage;
(i) forecasted projected annual use of
electricity;
(j) other information
as determined by GOEO.
(3) GOEO may deny an application for any
reason.
(4) Information provided by
the business entity is subject to the Government Records Access and Management
Act. The business entity has the option to designate whether the information
provided is private or protected subject to Sections 63G-2-302 and
63G-2-305.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(1) To determine a company's eligibility for an Economic Development Tax Increment Financing Incentive the company shall submit:
(a) financial documents for the prior three years including:
(i) balance sheets;
(ii) income statements; and
(iii) cash flow statements; or
(b) other documentation demonstrating that the company has the ability to finance the project;
(c) corporate structure;
(d) workforce data;
(e) corporate citizenry plan;
(f) plan to hire Utah employees;
(g) forecasted new state revenue associated with the new commercial project;
(h) forecasted incremental job creation associated with the new commercial project; and
(i) forecasted wages associated with the new commercial project.
(2) To determine a company's eligibility for an Economic Development Tax Increment Financing Incentive the office may review the company's:
(a) incentive offers from other states;
(b) remote work options for the project;
(c) market analysis;
(d) proof of fundraising;
(e) tax filings;
(f) reshoring plans; and
(g) other information as determined by GO Utah.
(2) GO Utah may deny an application for any reason.
(3) Information provided by the business entity is subject to the Government Records Access and Management Act. The business entity has the option to designate whether the information provided is private or protected subject to Sections 63G-2-302 and 63G-2-305.