Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-21 - Rural Jobs Tax Credit
Section R357-21-11 - Exit
Universal Citation: UT Admin Code R 357-21-11
Current through Bulletin 2024-06, March 15, 2024
(1) An approved applicant may exit the program pursuant to requirements outlined in Section 63N-4-309.
(2) The request for exit must be made on official letterhead of the approved applicant and contain the following:
(a) the calculation used to determine the
state reimbursement amount;
(b) the
aggregate new annual jobs reported in earlier annual reports; and
(c) the calculation used to determine the
excess return amount including:
(i) relevant
documentation used to show the present value of each growth investment made by
the approved applicant on the day the approved applicant applies for exit from
the program. Relevant documentation must show from verifiable sources how the
present value of each growth investment is determined and additional
documentation may be requested by the office to verify values provided;
and
(ii) relevant documentation
that shows how any projected increase in an equity holder's federal or state
tax liability including penalties and interest, related to the equity holder's
ownership, management, or operation of the rural investment company, was
determined. This may include actual tax filings of the equity holder whose
increase is utilized in the excess return calculation.
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