No. 37207 (Amendment): Rule R357-9. Alternative Energy Development Tax Incentives

(Amendment)

DAR File No.: 37207
Filed: 01/18/2013 11:27:25 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The purpose of this amendment is to comply with feedback from the Administrative Rules analyst in the Governor's Office of Planning and Budget.

Summary of the rule or change:

The change is the removal of office policy as criteria for evaluating tax credit applications.

State statutory or constitutional authorization for this rule:

• Section 63M-1-3104

Anticipated cost or savings to:

the state budget:

Does not affect the rule which is in place. The agency came to this conclusion because it will not change the way the program is administered and will result in no new costs to state budget.

local governments:

Does not affect the rule which is in place. The agency came to this conclusion because it will not change the way the program is administered and will result in no new costs to local government.

small businesses:

Does not affect the rule which is in place. The agency came to this conclusion because it will not change the way the program is administered and will result in no new costs to small business.

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

Does not affect the rule which is in place. The agency came to this conclusion because it will not change the way the program is administered and will result in no new costs to other entities.

Compliance costs for affected persons:

Does not affect the rule which is in place.

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

Does not affect the rule which is in place.

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:

• Zachary Derr at the above address, by phone at 801-538-8746, 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:

03/18/2013

This rule may become effective on:

03/25/2013

Authorized by:

Spencer Eccles, Executive Director

RULE TEXT

R357. Governor, Economic Development.

R357-9. Alternative Energy Development Tax Incentives.

R357-9-1. Purpose.

(1) The purpose of these rules is to establish:

(a) The standards an alternative energy entity shall meet to qualify for a tax credit;

(b) The procedures by which the Governor's Office of Economic Development issues tax credit certificates.

 

R357-9-2. Authority.

(1) UCA 63M-1-3013(1)(a) requires the office to make rules setting the standards an alternative energy entity shall meet to qualify for a tax credit.

 

R357-9-3. Definitions.

(1) Terms in these rules are used as defined in UCA 63M-1-3102.

 

R357-9-4. Standards.

(1) Applicants shall use the application form provided by the office and follow the procedures and requirements set forth in UCA 63M-1-3104 for obtaining a tax credit certificate.

(2) The office shall review accepted applications based upon the following criteria:

(a) Compliance with the requirements set forth in UCA 63M-1-3103;

(b) The overall economic impact on the state related to providing the tax credit, taking into account such factors as:

(i) the number of new incremental jobs to Utah; or

(ii) capital investment in the state; or

(iii) new state revenues; or

(iv) any combination of Subsections (i), (ii), or (iii).[; or

(v) other criteria as established by the office by policy publication.]

(3) The office shall keep a record of the review of applications based on the criteria in subsection (2).

(4) The office, with advice from the board, may enter into an agreement with a business entity authorizing a tax credit if the business entity meets the standards under subsections (2) and (3) and according to the requirements and procedures set forth in UCA 63M-1-3104.

(5) A business entity is eligible for an economic development tax credit only if the office has entered into an agreement under subsection (4) with the business entity.

 

KEY: economic development, alternative energy, tax credits

Date of Enactment or Last Substantive Amendment: [November 26, 2012]2013

Authorizing, and Implemented or Interpreted Law: 63M-1-3101

 

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