Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-21 - Rural Jobs Tax Credit
Section R357-21-10 - Recapture (Revocation)

(1) If the office determines recapture is necessary pursuant to Section 63N-4-305, the office shall issue a Provisional Notice of Agency Action for Recapture to both the approved applicant and the taxpayer that claimed the tax credit. Such notice shall be delivered to the approved applicant by electronic mail and certified mail, and shall state under Section 63N-4-305 the recapture is sought.

(2) The 90 -day cure period provided for in Section 63N-4-305 begins on the day following receipt of the Provisional Notice of Agency Action for Recapture. If the action or omission upon which the recapture is based is cured during the 90 day cure period, the office shall issue a notice of cure to the approved applicant.

(3) If after the 90 -day cure period, the action or omission upon which the recapture is based is not cured, the office shall issue a final Notice of Agency Action for Recapture. The Final Notice of Agency Action for Recapture shall also be sent to the Utah Tax Commission.

(4) To remain 100% invested during the compliance period, if fund losses occur due to an eligible small business' inability to meet their investment obligation, the rural investment company shall satisfy the 100% investment requirements of Subsection 63N-4-305(1) by reinvesting any capital that is recovered. Investment amounts not recovered will not have to be reinvested to satisfy the 100% investment requirements of Subsection 63N-4-305(1).