Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-10 - Small Business Jobs Act or Utah New Market Tax Credit
Section R357-10-8 - Form and Notice for Tax Credits
Universal Citation: UT Admin Code R 357-10-8
Current through Bulletin 2024-06, March 15, 2024
(1) A qualified community development entity (or transferee subsidiary or controlling entity) that has issued its qualified equity investments and has provided the evidence required in Utah Code Section 63M-1-3503(8)(b) shall notify the office annually of the entities that are eligible to use tax credits as follows:
(a) By submitting the
form "Notification of Qualified Equity Investment for Small Business Jobs Act
Tax Credits" to the office; or, if applicable,
(b) By submitting the form "Notification of
Change in Allocation of Tax Credits" to the office.
(i) A form "Notification of Change in
Allocation of Tax Credits" may only be used in cases where there has been a
change or amendment to an agreement among the partners, shareholders or members
of a partnership, limited liability company or S-Corporation.
(c) Each notice shall be
accompanied by documentation of the qualified equity investment made in the
qualified community development entity with respect to the entity claiming a
tax credit.
(d) Each notice shall
be accompanied by the documents required in Utah Code Section
63M-1-3503(12)(a).
(e) Each notice shall be
accompanied by a completed "Acknowledgement and Acceptance of Tax Credit
Recapture" form provided by the office.
(f) For tax credits allowed to a partnership,
limited liability company or S-corporation, the notice shall be accompanied by
any and all necessary documentation or agreements to demonstrate how the
credits will be used by the partners, members or shareholders.
(2) Each tax credit certificate shall contain the following contingencies:
(a) A certification provision requiring the
entity receiving the tax credit to certify:
(i) it is subject to the recapture provisions
set forth in Section
63M-1-3504;
(ii) it will not sell the tax
credit on the open market;
(iii)
it will provide notice of any Federal recapture to the Office within 10 days of
receiving notification of the recapture.
(b) Be available for use annually in
accordance with the Applicable Percentages to the entity receiving the tax
credit after receipt and acceptance of the qualified community development
entity's annual report to the Office.
(i) Any
event of recapture outlined by the Utah Small Business Jobs Act or this Rule
shall prevent the use of an annual tax credit certificate to the entity
receiving the tax credit.
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