Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-10 - Small Business Jobs Act or Utah New Market Tax Credit
Section R357-10-12 - Decertification
Current through Bulletin 2024-06, March 15, 2024
(1) Qualified equity investments shall be decertified upon proof of compliance with all provisions of Utah Code Section 63M-1-3507(2).
(2) A qualified community development entity shall file a "Request to Decertify a Qualified Equity Investment"
(3) For the purposes of this section, the requirement that reinvestments exceed 150 % of a qualified equity investment shall be considered provided:
(4) Upon receipt of a Request to Decertify a Qualified Equity Investment, the Office shall issue a Decertification Certificate if all of the conditions for decertification are met.
(5) If the Office determines that the conditions for decertification have not been met, the Office shall issue a Notice of Agency Action, Failure to Decertify.
(6) Further proceedings: If the issue of certification is not resolved by reconsideration, as set forth in Section 5, either party may request an informal administrative hearing, as set forth in the Utah Administrative Procedures Act.
(7) The costs of hiring an Administrative Law Judge to rule on the informal administrative hearing shall be borne by the losing party.