R357-6-4. Conditions

  (1) Applicants shall use the application form provided by the office and follow the procedures and requirements set forth in UCA 63N-2-805 for obtaining a tax credit certificate.

  (2) Applicants shall submit the application form to the office to be eligible to receive a tax credit, quarterly throughout the fiscal year as set forth in UCA 63N-2-808, on or before the following quarterly deadlines:

  (a) September 1; and

  (b) December 1; and

  (c) March 1; and

  (d) June 1.

  (3) The office shall review and rank for approval accepted applications based upon the following criteria:

  (a) The overall economic impact on the state related to providing tax credits, 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).

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

  (5) 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 63N-2-809.

  (6) 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.