63N-4-304. Tax credit.
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Effective 5/9/2017
63N-4-304. Tax credit.
(1)On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company.
(2)In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:
(a)issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant's total credit-eligible capital contribution; and
(b)provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.
(a)A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office.
(b)A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section 59-1-1406 .
(4)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the office shall make rules describing:
(a)the documentation requirements for a business entity to receive a tax credit certificate under this section; and
(b)administration of the program, including relevant timelines and deadlines.
Enacted by Chapter 274 , 2017 General Session