R357-15-2. Definitions

  The definitions below are in addition to or serve to clarify the definitions found in Section 63N-2-202, Section 59-7-614.10, and Section 59-10-1037.

  (1) "Annual investment", "Investment" or "Qualifying investment" means the purchase of most types of tangible property (except land) such as buildings, machinery, vehicles, furniture, and equipment that:

  (a) qualifies for depreciation under the Internal Revenue Service's Form 4562; and

  (b) is put into service at an operating address, of the business entity, that is within an enterprise zone designated by the office for the applicable tax year.

  (2) "Baseline" means the highest count of employment positions that existed within the business entity during the previous three taxable years.

  (3) "Qualified business use vehicle" means an automobile, light truck, heavy truck, van, utility vehicle, or motorcycle.

  (4) "New full-time employee position" means a position that has been newly created in addition to the baseline filled by an employee working at least 30 hours per week:

  (a) for a period of at least six consecutive months; and

  (b) where the period ends in the tax year for which the credit is claimed.

  (5) "Payment documentation" means a;

  (a) bank statement;

  (b) cleared check;

  (c) signed and executed financing agreement; or

  (d) signed statement from the seller confirming the payer, payee, date paid, and amount paid for cash payments.

  (6) "Purchase documentation" means a bill of sale, contract of sale, receipt, invoice, or other documentation which identifies the buyer, seller, purchase price, item(s) purchased, and the date of purchase.

  (7) "Value-added business entity" means a company that creates a change in the physical state or form of a product in a manner that enhances its value, thus expanding the customer base of the product. Examples include milling wheat into flour or making strawberries into jam.