35A-5-305. Tax credit certificate.

374 words·~2 min read·/ut/title-35a/chapter-5/35a-5-305

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/14/2019

(1)An employer shall provide written notice to the department as provided in the participation agreement described in Section 35A-5-304 .

(2)The department shall determine whether an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate after the employer provides the written notice described in Subsection

(1)to the department.

(3)Subject to the other provisions of this section, if the department determines that an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate, the department may issue a tax credit certificate to the employer.

(4)A tax credit certificate under this section:

(a)shall list the amount of tax credit allowable for the taxable year in an amount that does not exceed $2,000;

(b)shall list the name and federal employer number of the employer;

(c)shall list the name, Social Security identification number, and current address of the person who is homeless with respect to whom the employer has met the wage requirement; and

(d)may include any other information required by the department.

(5)Subject to Subsections

(6)and

(7), the department shall issue tax credit certificates under this section in the order that the department receives the written notice described in Subsection

(1).

(6)The department may not issue tax credit certificates that total more than $100,000 in a fiscal year.

(a)Subject to Subsection (7)(b) , if the department would have issued tax credit certificates that total more than $100,000 in a fiscal year but for the limit provided in Subsection

(6), the department shall issue the tax credit certificates that exceed $100,000 in the next fiscal year.

(b)If the department issues tax credit certificates in accordance with Subsection (7)(a) :

(i)the tax credit certificates may not total more than $100,000; and

(ii)the department may not issue tax credit certificates for an amount that exceeds the limit described in Subsection (7)(b)(i) in a future fiscal year.

(8)The department shall provide a copy of a tax credit certificate the department issues under this section to the State Tax Commission.

Amended by Chapter 502 , 2019 General Session