Utah Administrative Code
Topic - Governor
Title R357 - Economic Opportunity
Rule R357-21 - Rural Jobs Tax Credit
Section R357-21-8 - Form and Notice for Tax Credits
Universal Citation: UT Admin Code R 357-21-8
Current through Bulletin 2024-06, March 15, 2024
(1) An approved applicant that has fully funded its investment authority allocation and has provided the evidence required in Subsection 63N-4-303(7) shall notify the office annually of the entities that are eligible to use tax credits as follows:
(a) by submitting the a
"Notification of Investment Authority Allocation for Rural Jobs Act Tax
Credits" to the office on official letterhead;
(b) each notice shall be accompanied by
documentation of the investment made in the fund raised by the approved
applicant with respect to the entity claiming a tax credit including investment
amount, entity name, and entity federal employer identification
number;
(c) each notice shall be
accompanied by any documents requested by the office; and
(d) for tax credits allowed to a partnership,
limited liability company or S-corporation, the notice shall be accompanied by
any 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) certification
provision requiring the entity receiving the tax credit to certify:
(i) it is subject to the recapture provisions
set forth in Section
63N-4-305;
and
(ii) it will not sell the tax
credit on the open market;
(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 approved applicant's annual report
to the office; and
(c) 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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