63N-2-104.1. Eligibility for tax credit -- Economic impact study.
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Effective 7/1/2022
63N-2-104.1. Eligibility for tax credit -- Economic impact study.
(1)The office shall certify a business entity's eligibility for a tax credit as provided in this section.
(2)A business entity is eligible to receive a tax credit for a new commercial project if:
(a)the new commercial project:
(A)is located and provides direct investment within the geographic boundaries of a development zone; or
(B)creates a remote work opportunity;
(ii)includes the creation of high paying jobs in the state, significant capital investment in the state, or significant purchases from vendors, contractors, or service providers in the state, or a combination of these three economic factors; and
(iii)generates new state revenues; and
(b)the business entity has not claimed a High Cost Infrastructure Development Tax Credit under Section 79-6-603 for the same new commercial project, if the new commercial project is located within a county of the first or second class.
(3)The office shall conduct a study of the economic impacts associated with a new commercial project to determine whether a business entity meets the requirements of Subsection
(2).
(4)In determining whether a new commercial project meets the requirements of Subsection (2)(a)(ii) , the office may attribute an incremental job or a high paying job to a new commercial project regardless of whether the job is performed in person, within a development zone, or remotely from elsewhere in the state.
Enacted by Chapter 200 , 2022 General Session
Amended by Chapter 362 , 2022 General Session, (Coordination Clause)