63N-2-103. Definitions.

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

Effective 5/6/2026

As used in this part:

(a)"Business entity" means a person that enters into a written agreement with the office to initiate a new commercial project in Utah that will qualify the person to receive a tax credit under Section 59-7-614.2 or 59-10-1107 .

(b)With respect to a tax credit authorized by the office in accordance with Subsection 63N-2-104.3(2) , "business entity" includes a nonprofit entity.

(2)"Commercial or industrial zone" means an area zoned agricultural, commercial, industrial, manufacturing, business park, research park, or other appropriate business related use in a general plan that contemplates future growth.

(3)"Development zone" means an economic development zone created under Section 63N-2-104 .

(4)"Local government entity" means:

(a)a county, city, or town;

(b)for state-owned land, a development authority statutorily authorized to manage the land; or

(c)for development authority-owned land, the development authority.

(5)"New commercial project" means an economic development opportunity that:

(a)involves a targeted industry; or

(b)is located within:

(i)a county of the third, fourth, fifth, or sixth class; or

(ii)a municipality that has a population of 10,000 or less and the municipality is located within a county of the second class.

(6)"Remote work opportunity" means a new commercial project that:

(a)does not require a physical office in the state where employees associated with the new commercial project are required to work; and

(b)requires employees associated with the new commercial project to:

(i)work remotely from a location within the state; and

(ii)maintain residency in the state.

(7)"Significant capital investment" means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state.

(8)"Tax credit" means an economic development tax credit created by Section 59-7-614.2 or 59-10-1107 .

(9)"Tax credit amount" means the amount the office lists as a tax credit on a tax credit certificate for a taxable year.

(10)"Tax credit certificate" means a certificate issued by the office that:

(a)lists the name of the business entity to which the office authorizes a tax credit;

(b)lists the business entity's taxpayer identification number;

(c)lists the amount of tax credit that the office authorizes the business entity for the taxable year; and

(d)may include other information as determined by the office.

(11)"Written agreement" means a written agreement entered into between the office and a business entity under Section 63N-2-104.2 .

Amended by Chapter 373 , 2026 General Session