63N-4-308. Annual fee.
219 words·~1 min read·
/ut/title-63n/chapter-4/63n-4-308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
63N-4-308. Annual fee.
(1)The office shall calculate an annual fee to be paid by each rural investment company by dividing $50,000 by the number of rural investment companies approved under this part and notify each rural investment company of the amount of the annual fee.
(a)The initial annual fee shall be due and payable to the office along with the evidence of receipt of the cash investment in the rural investment company as described in Subsection 63N-4-303(7)(d) .
(b)After the initial annual fee, an annual fee shall be due and payable to the office on or before the last day of February of each year.
(c)An annual fee shall not be required once a rural investment company has exited the program under Section 63N-4-309 .
(3)To maintain an aggregate annual fee of $50,000, the office shall recalculate the annual fee as needed upon the lapse of any approval under Subsection 63N-4-303(8) , the revocation of tax credit certificates under Section 63N-4-305 , or a rural investment company's exit from the program under Section 63N-4-309 .
(4)The annual fee collected under this section shall be deposited into the General Fund as a dedicated credit for use by the office to implement this part.
Enacted by Chapter 274 , 2017 General Session