Utah Admin. Code R362-4-8 - Tax Credit Period and Reporting Requirements

(1) The first reporting period shall begin on the commencement date of the tax credit period, which will be determined by the Office, and shall continue through the end of that taxable year. The remaining tax credit and reporting periods shall each span consecutive taxable years. The final tax credit and reporting period will start on the beginning of the taxable year and end on the tax credit termination date as determined when any time period described in Subsection 63M-4-603(4) has occurred.

(2) Within 300 days of the end of each reporting period, the infrastructure cost-burdened entity shall provide the Office an annual report and a report prepared and submitted by a CPA. Reasonable extensions to the 300 day reporting requirement may be granted by the Office.

(a) The annual report shall include the amount of infrastructure-related revenue that has been generated by the infrastructure cost-burdened entity during the taxable year for which the tax credit will be claimed, the total amount of tax credit that the infrastructure cost burdened entity has received, and the projected economic life of the high cost infrastructure project.

(b) The report prepared and submitted by a CPA shall be prepared in accordance with an agreed-upon procedure established by the Office for the Act. The report shall verify total construction costs, or changes to construction costs previously reported to the office, verify the amount of infrastructure-related revenue that has been generated by the entity during the taxable year for which the tax credit will be claimed, and verify the total amount of tax credits that the infrastructure cost burdened entity has received.

Notes

Utah Admin. Code R362-4-8

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