63N-2-202. Definitions.

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

Effective 5/14/2019

As used in this part:

(1)"Business entity" means an entity, sole proprietorship, or individual:

(a)including a claimant, estate, or trust; and

(b)under which or by whom business is conducted or transacted.

(2)"Claimant" means a resident or nonresident person that has:

(a)Utah taxable income as defined in Section 59-7-101 ; or

(b)state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information .

(3)"County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204 .

(4)"Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates .

(5)"Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204 .

(6)"Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may:

(a)claim:

(i)as provided by statute; and

(ii)in an amount that does not exceed the business entity's tax liability for a taxable year under:

(A)Title 59, Chapter 7, Corporate Franchise and Income Taxes ; or

(B)Title 59, Chapter 10, Individual Income Tax Act ; and

(b)carry forward or carry back:

(i)if allowed by statute; and

(ii)to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:

(A)Title 59, Chapter 7, Corporate Franchise and Income Taxes ; or

(B)Title 59, Chapter 10, Individual Income Tax Act .

(7)"Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63N-2-213 .

(8)"Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates .

Amended by Chapter 465 , 2019 General Session