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Utah Administrative Code (Current through November 1, 2019) |
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R362. Governor, Energy Development (Office of) |
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R362-1. Qualification for the Alternative Energy Development Tax Credit |
| R362-1-1. Purpose and Authority |
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Latest version.
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(1) Purpose. Pursuant to the Alternative Energy Development Tax Credit Act, this rule establishes standards an alternative energy entity shall meet to qualify for a tax credit. (2) Authority. This rule is authorized by Subsection 63M-4-503(1)(a), Utah Code. |
| R362-1-2. Definitions |
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Latest version.
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(1) Terms used in this rule are defined in Section 63M-4-502. (2) In addition: (a) "site control" means an enforceable right to use a parcel of land for an alternative energy project; and (b) "project development activities" means those actions described under Subsections 63M-4-502(3)(a) and 63M-4-502(3)(b). |
| R362-1-3. Conditions |
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Latest version.
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(1) In order to qualify for a tax credit, an alternative energy entity must meet those requirements outlined in Subsection 63M-4-503(1)(b), and must be prepared to: (a) follow the procedures and expectations outlined in Sections 59-7-614.7, 59-10-1029, and 63M-4-504; and (b) bear any costs associated with meeting the requirements outlined below in Subsection R362-1-4(2)(b)(ii)(A). (2) In addition, the alternative energy entity must demonstrate the viability of its alternative energy project by submitting evidence it has secured: (a) one or more land leases or other form of site control; and (b) one or more of the following: (i) permits from a local, state or federal regulatory agency, not to include conditional use permits; (ii) financing sufficient to initiate project development activities, as may be: (A) assessed, at the office's request, by third party financial review; or (B) affirmed by the existence of one or more: (I) power purchase agreements; or (II) off-take agreements. (iii) a position in the generation interconnection queue that has advanced beyond the Feasibility Study phase. |