No. 38154 (New Rule): Rule R357-7. Utah Capital Investment Board

(New Rule)

DAR File No.: 38154
Filed: 11/21/2013 11:57:44 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

There is a statutory requirement to create a rule.

Summary of the rule or change:

This proposed rule establishes the manner by which the Utah Capital Investment Board conducts its affairs.

State statutory or constitutional authorization for this rule:

• Section 63M-1-1206

Anticipated cost or savings to:

the state budget:

The process and necessary staff are already in place for the Board to conduct its affairs.

local governments:

Local government is not involved in the Board issuing tax credits.

small businesses:

Small businesses eligible for the tax credits will not be affected by the rule in the application process.

persons other than small businesses, businesses, or local governmental entities:

Other applicants for the tax credits will not be affected by the rule in the application process.

Compliance costs for affected persons:

No new compliance costs in application process, as process is already established in policy and practice.

Comments by the department head on the fiscal impact the rule may have on businesses:

No new fiscal impact as application and approval process is already established in policy and practice.

Spencer P. Eccles, Executive Director

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Governor
Economic Development
60 E SOUTH TEMPLE 3RD FLR
SALT LAKE CITY, UT 84111

Direct questions regarding this rule to:

• Jeffrey Van Hulten at the above address, by phone at 801-538-8694, by FAX at 801-538-8888, or by Internet E-mail at [e-mail]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/14/2014

This rule may become effective on:

01/21/2014

Authorized by:

Spencer Eccles, Executive Director

RULE TEXT

R357. Governor, Economic Development.

R357-7. Utah Capital Investment Board.

R357-7-1. Purpose.

(1) The purpose of these rules is to establish the manner by which the Utah Capital Investment Board (UCIB) conducts its affairs.

 

R357-7-2. Authority.

(1) UCA 63M-1-1206 requires the UCIB to make rules establishing the manner by which it conducts its affairs.

 

R357-7-3. Conduct.

The UCIB conducts its affairs to best meet its objectives of mobilizing venture equity capital for investment in a manner that will result in a significant potential to create jobs and to diversify and stabilize the economy of the state.  The UCIB conducts its affairs in a way to meet these objectives by:

(1) Making staff available to present potential tax credit agreements to the UCIB and Utah Capital Investment Corporation (UCIC) for approval;

(2) Reviewing and approving or denying potential agreements with financial entities within ninety (90) days of presentation to the UCIB;

(3) If approved by the UCIB, issuing contingent tax credit certificates to designated investors for the allocation and issuance of contingent tax credits;

 

KEY: economic development, capital investments

Date of Enactment or Last Substantive Amendment: 2014

Authorizing, and Implemented or Interpreted Law: 63M-1-1206

 

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