Utah Admin. Code R362-4-4 - Eligibility for Tax Credit
Requirements for establishing tax credit eligibility, include:
(1) Meeting the definition of
a high cost infrastructure project under Subsection
63M-4-602;
(2) High cost infrastructure projects,
including fuel standard compliance projects, must be physically located in
Utah.
(3) Completing an application
approved by the Office, including providing sufficient information to determine
applicant eligibility;
(4) Office
determination that that applicant meets all eligibility requirements and
referral to the Board for Board approval;
(5) Receiving a favorable Board
recommendation for granting tax credits to the applicant based on the Board's
evaluation of the applicant project's benefit to the State of Utah based on
factors described in Section
63M-4-603(2);
and,
(6) The Board may find the
applicant's project sufficiently benefits the State if the project satisfies
some or all of the criteria described in Subsection
63M-4-603(2).
(7) Entering into an agreement with the
Office described in Section
63M-4-603(3)
authorizing a post-performance, non-refundable tax credit calculated in
accordance with Section 63M-4-603 and Utah Administrative Rule
R362-4-5.
(8) An infrastructure cost burdened entity
who does not begin project construction within 4 years of entering into an
agreement with the Office described in Subsection
63M-4-603(3),
may be required to reapply to regain eligibility.
Notes
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