R362-4-4. Eligibility for Tax Credit

  (1) Requirements for establishing tax credit eligibility, include:

  (a) Meeting the definition of a high cost infrastructure project under Utah Code Section 63M-4-602;

  (i) All high cost infrastructure projects, including fuel standard compliance projects, must be physically located in the State of Utah.

  (b) Completing an application approved by the Office, including providing sufficient information to determine applicant eligibility;

  (c) Office determination that that applicant meets all eligibility requirements and referral to the Board for Board approval;

  (d) Receiving a favorable Board recommendation for granting tax credits to the applicant based on the Board's evaluation of the applicant project's benefit to the State of Utah based on factors described in Utah Code Section 63M-4-603(2); and,

  (i) The Board may find the applicant's project sufficiently benefits the State if the project satisfies some or all of the criteria described in Utah Code Section 63M-4-603(2).

  (e) Entering into an agreement with the Office described in Utah Code Section 63M-4- 603(3) authorizing a post-performance, non-refundable tax credit calculated in accordance with Utah Code 63M-4-603 and Utah Administrative Rules R362-4-5.