59-7-619. Nonrefundable high cost infrastructure development tax credit.

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Effective 1/1/2025

(1)As used in this section:

(a)"High cost infrastructure project" means the same as that term is defined in Section 79-6-602 .

(b)"Infrastructure cost-burdened entity" means the same as that term is defined in Section 79-6-602 .

(c)"Infrastructure-related revenue" means the same as that term is defined in Section 79-6-602 .

(d)"Office" means the Office of Energy Development created in Section 79-6-401 .

(a)Subject to the other provisions of this section, a corporation that is an infrastructure cost-burdened entity may claim a nonrefundable tax credit for development of a high cost infrastructure project as provided in this section.

(b)A corporation that is an infrastructure cost-burdened entity may not claim a tax credit under this section and under Section 59-5-305 using the same tax credit certificate.

(3)The tax credit under this section is the amount listed as the tax credit amount on a tax credit certificate that the office issues under Title 79, Chapter 6, Part 6, High Cost Infrastructure Development Tax Credit Act , to the infrastructure cost-burdened entity for the taxable year.

(4)An infrastructure cost-burdened entity may carry forward a tax credit under this section for a period that does not exceed the next seven taxable years if:

(a)the infrastructure cost-burdened entity is allowed to claim a tax credit under this section for a taxable year; and

(b)the amount of the tax credit exceeds the infrastructure cost-burdened entity's tax liability under this chapter for that taxable year.

(i)To assist the Revenue and Taxation Interim Committee with the review required by Section 59-7-159 , the office shall provide the following information, if available to the office, to the Office of the Legislative Fiscal Analyst:

(A)the amount of tax credit that the office grants to each infrastructure cost-burdened entity for each taxable year;

(B)the infrastructure-related revenue generated by each high cost infrastructure project;

(C)the information contained in the office's latest report under Section 79-6-605 ; and

(D)any other information that the Office of the Legislative Fiscal Analyst requests.

(ii)In providing the information described in Subsection (5)(a)(i) , the office shall redact information that identifies a recipient of a tax credit under this section.

(iii)If, notwithstanding the redactions made under Subsection (5)(a)(ii) , reporting the information described in Subsection (5)(a)(i) might disclose the identity of a recipient of a tax credit, the office may file a request with the Revenue and Taxation Interim Committee to provide the information described in Subsection (5)(a)(i) in the aggregate for all infrastructure cost-burdened entities that receive the tax credit under this section.

(b)The Office of the Legislative Fiscal Analyst shall report to the Revenue and Taxation Interim Committee a summary and analysis of the information provided to the Office of the Legislative Fiscal Analyst by the office under Subsection (5)(a) .

(6)Notwithstanding Section 59-7-903 , the commission may not remove the tax credit described in this section from the tax return for a taxable year beginning before January 1, 2027.

Amended by Chapter 159 , 2025 General Session

Amended by Chapter 292 , 2025 General Session