R357-7-11. Claiming Tax Credits Represented by Tax Credit Redemption Certificates

  (1) Once certified by the Board, the holder of a Tax Credit Redemption Certificate may present such Certificate to the Commission to claim a tax credit in accordance with the following provisions:

  (a) The tax credit represented by the Tax Credit Redemption Certificate shall be claimed for the tax year of the Designated Investor that begins during the Calendar Year the Board has certified such Tax Credit Redemption Certificate. The Designated Investor may submit to the Commission at any time following the date of issuance of the Tax Credit Redemption Certificate by the Board, but no later than the general filing deadline for Utah State tax returns (including extensions) of the tax year for which the redemption may be claimed.

  (b) The Person claiming a refund must timely file a Utah State tax return claiming a refundable credit; and no other filing or forms or actions are necessary, and no other conditions apply, for obtaining a refund in respect of such tax credit. The Commission will manually process a tax return with a claim for refund and will pay the amount indicated on such tax return (such payment generally, but not always, made within ninety (90) days from the date for such return). If the Board has notified the Commission of the filing of a claim for refund by the Designated Investor, the Commission will take steps to expedite the refund.

  (2) There is no limitation on a Person:

  (a) filing more than one claim for refund with the Commission, or

  (b) receiving more than one refund from the Commission, in each case, in any one Calendar Year or other twelve (12) month period.

  (3) If a Person is not otherwise a Utah taxpayer, its taxable year, for purposes of these rules, shall be considered to end annually on the same date that its tax year ends for United States federal income tax purposes. For a disregarded entity that is not otherwise a Utah taxpayer, such entity may designate any date on which its taxable year ends by stating such date on the Utah tax return on which it files its claim for refund.

  (4) If the Designated Investor is a corporation or other business organization or entity included in a combined Utah state tax return, and such tax return claims a tax credit, the commission will treat such tax credit as a refundable credit for the combined group.