Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-10 - Small Business Jobs Act or Utah New Market Tax Credit
Section R357-10-7 - Designation of Qualified Equity Investments
Current through Bulletin 2024-06, March 15, 2024
(1) A notice of receipt of cash investment and designation of qualified equity investment pursuant to Utah Code Section 63M-1-3503(8)(b) shall be provided on a notice form supplied by the office. The form shall also include at least one of the following attachments to show that the qualified equity investment was issued, including:
(2) A notice of transfer of a certified qualified equity investment made pursuant to Utah Code Section 63M-1-3503(8)(b) shall be made on official letterhead, indicate satisfaction of the federal match, and be signed by an authorized agent of the qualified community development entity initiating the transfer. Such notice may be sent as a PDF file via electronic mail to the office.
(3) If the qualified community development entity or transferee fails to issue a qualified equity investment within forty-five (45) days of notice of certification, the office shall notify the applicant that its certification has lapsed by issuing a Notice of Agency Action for Lapsed Certification.