Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-10 - Small Business Jobs Act or Utah New Market Tax Credit
Section R357-10-10 - Reporting
Universal Citation: UT Admin Code R 357-10-10
Current through Bulletin 2024-06, March 15, 2024
(1) The initial annual report required by Utah Code Section 63M-1-3510(1) shall include:
(a) Reporting of Transaction
Costs: A qualified community development entity shall report on the
transactional costs of all qualified low-income community investments made
utilizing this program. The report shall contain the same information and be in
the same format as required by the Transactional Level Report under the Federal
New Market Tax Credit Program and shall contain the same information and
format.
(2) Any report required by Utah Code Section 63M-1-3510 shall include, if applicable:
(a)
Reinvestment Reporting: If an initial investment is sold or repaid, and the
qualified community development entity reinvests an amount equal to the amount
of capital returned or recovered by the qualified community development entity
from the original investment, the qualified community development entity shall
provide sufficient documentation such as bank statements and mapping to show it
is in compliance with Utah Code Section
63M-1-3504(1)(c):
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