Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-21 - Rural Jobs Tax Credit
Section R357-21-7 - Full Funded Applicant

Universal Citation: UT Admin Code R 357-21-7

Current through Bulletin 2024-06, March 15, 2024

(1) A notice of full funding pursuant to Subsection 63N-4-303(7) shall be provided by the applicant on official letterhead of the applicant and follow the format, documentation, and other requirements in Section R357-21-7:

(a) bank statements, credit instruments, and other supporting documentation to show full funding was achieved under the requirements outlined in Subsection 63N-4-303(7); and

(b) any other documentation the office may request.

(2) If the approved applicant does not meet the requirements found in Subsection 63N-4-303(7) or is found to have lacking documentation as described in Subsection R357-21-7(1), the office shall notify the applicant that its investment authority allocation has lapsed by issuing a Notice of Agency Action for Lapsed Allocation.

(3) The applicant will have ten business days to submit to the executive director a challenge to a Notice of Agency Action for Lapsed Allocation:

(4) Any challenge to a Notice of Agency Action for Lapsed Allocation shall provide documentation that the requirements of Subsection 63N-4-303(7) were met within 65 days of notice of approval for investment authority allocation;

(5) The executive director shall issue a final determination within five business days of receipt of such a challenge.

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