Utah Admin. Code R362-4-6 - Application Process

(1) The Office is responsible for certifying the high cost infrastructure project and authorizing any tax credit certificate.

(2) Applications for tax credits are to be made on forms developed by the Office to gather information necessary to certify the high cost infrastructure project and authorize tax credits based on the applicant's infrastructure related revenues.

(3) The Office will evaluate each application according to the definitions and criteria established by statute and by this rule. If the information contained within an application is insufficient to determine eligibility according to this rule, the Office reserves the right to request additional information from the applicant. If an applicant is unable or unwilling to provide sufficient information needed to determine eligibility, the Office may deny the application until sufficient information is provided.

(4) In order to verify the information submitted in the application and provided to the Board, the applicant may be required to supply additional information at the request of the Office.

(5) Applicants for a tax credit under this rule shall provide the following information:

(a) The legal name of the person or entity seeking a tax credit.

(b) The tax identification number of the person or entity seeking the tax credit.

(c) The physical address, plat number, or global positioning satellite coordinates of the property where the high cost infrastructure project will be constructed, or such other information necessary to permit the Office staff to locate the site for on-site verification of the information in the application.

(d) A description of the high cost infrastructure project, including timeline. This description is to be accompanied by an itemized summary of all projected and actual costs to be incurred during construction of the high cost infrastructure project.

(e) The applicant shall disclose any other tax credit it has applied for or has received for the infrastructure burdened project when applying for a high cost infrastructure tax credit or during the performance period of a high cost infrastructure tax credit agreement.

(f) The documentation provided must be sufficient to allow the Office to identify the cost of the infrastructure construction associated with the high cost infrastructure project, both realized and anticipated.

(6) Applicants seeking a tax credit for the development of a fuel standard compliance project shall also include:

(a) A description of their current operation, including the current fuel standards being met by their existing operation.

(b) A description of the fuel standard compliance project to be undertaken by the company to produce fuel at a Utah refinery that will meet Tier 3 gasoline standards under 40 C.F.R. Section 79.54 and 80.1603.

(7) If, after evaluating an application, the Office determines that it meets all eligibility requirements, then it will be referred to the Board for Board approval. If, after evaluating an application, the Office determines that applicant is not eligible, the Office shall provide the applicant with a letter including an explanation for the denial.

(8) The Board shall consider the application for approval of tax credits at the next regularly scheduled Board meeting.

(9) An eligible applicant who has received a favorable recommendation from the Board for approval of tax credits shall enter into an agreement described in Subsection 63M-4-603(3) with the Office.

Notes

Utah Admin. Code R362-4-6

Adopted by Utah State Bulletin Number 2016-15, effective 7/14/2016 Amended by Utah State Bulletin Number 2019-5, effective 2/5/2019 Amended by Utah State Bulletin Number 2021-02, effective 1/11/2021