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Utah Administrative Code (Current through November 1, 2019) |
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R357. Governor, Economic Development |
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R357-6. Technology and Life Science Economic Development and Related Tax Credits |
| R357-6-1. Purpose |
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Latest version.
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(1) The purpose of these rules is to provide: (a) the criteria upon which the Governor's Office of Economic Development will determine whether to award tax credits to applicants; (b) the procedures for documenting the Governor's Office of Economic Development's application of this criteria; (c) the procedures by which the Governor's Office of Economic Development issues tax credit certificates; (d) the available tax credits for which applicants may apply. |
| R357-6-2. Authority |
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Latest version.
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(1) UCA 63N-2-807 requires the office to make rules establishing criteria to prioritize the issuance of tax credits among applicants and to establish procedures for documenting the office's application of the criteria. |
| R357-6-3. Definitions |
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Latest version.
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(1) Terms in these rules are used as defined in UCA 63N-2-802. |
| R357-6-4. Conditions |
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Latest version.
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(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. |
| R357-6-5. Available Tax Credits |
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Latest version.
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(1) An applicant may seek one of two types of tax credits, drawn from funds expressly set aside by the Legislature: (a) a refundable tax credit for generating state tax revenue; or (b) a non-refundable tax credit for investment in certain life sciences establishments. (2) Eligibility shall be determined by: (a) statutory requirements; and (b) the criteria listed in R357-6-4(2). |