R357-21-9. Reports

  (1) The annual reports required by Utah Code Section 63N-4-307 shall include all information required in statute and must also include, with respect to the first report for any eligible small business:

  (a) a baseline of the number employees at each eligible small business that receives an investment based on a payroll report of the eligible small business;

  (b) new state revenue generated by the eligible small business for the previous taxable year of the annual report;

  (c) all NAICS Code designations the eligible small business is officially subscribed to; and

  (d) a brief description of the eligible small business including general business activities; how investment funds are being utilized by the eligible small business, and any other information the approved applicant feels relevant.

  (2) New annual jobs shall be calculated on an annual basis by subtracting the baseline number of employees reported in paragraph (1) of this section from annual employment level of the eligible small business calculated by averaging the monthly payroll reports of the eligible small business for the applicable year, provided that such average with respect to the initial annual report for an eligible small business shall only include payroll reports for the months following the initial growth investment and shall be multiplied by fifty percent if such initial growth investment occurs after June 30 of the applicable year. New annual jobs reported may not be less than zero.

  (2) Within 5 days of its investment of 100% of its rural investment authority in growth investments in this state with at least 70% invested rural counties, the approved applicant must notify the office of the achievement of such milestone on a report that includes:

  (a) the name and location of each eligible small business;

  (b) the amount invested in each eligible small business; and

  (c) whether the eligible small business is located in a rural county.

  (3) For the initial and all subsequent annual reports

  (2) An approved applicant may submit the reports hereunder on its own forms, but all reports must be presented in plain language and simple to navigate.