This rule was published in the February 15, 2015, issue (Vol. 2015, No. 4) of the Utah State Bulletin.
R357. Governor, Economic Development.
R357-3. Refundable Economic Development
(1) Subsection 63M-1-2404 requires the office to make
rules establishing the conditions that a business entity must
meet to qualify for a tax credit under Part 24 of the Utah Code
(1) Terms in these rules are used as defined in UCA
(1) To qualify for an economic development tax credit a
business entity must have a new commercial project
(a) must be within an economic development zone created
under UCA 63M-1-2404;
(b) Includes direct investment within the geographic
boundaries of the development zone created under UCA
(c) brings new incremental jobs to Utah;
(d) includes significant capital investment, the creation
of high paying jobs, or significant purchases from Utah vendors
and providers, or any combination of these three economic
(e) generates new state revenues; and
(2) The business entity must follow the procedure in UCA
63M-1-2405 for obtaining a tax credit certificate.
(3) The office, with advice from the board, may enter
into an agreement with a business entity authorizing a tax credit
if the business entity meets the standards under subsections (1)
(4) A business entity is eligible for an economic
development tax credit only if the office has entered into an
agreement under subsection (3) with the business
KEY: economic development, tax credit, jobs
Date of Enactment or Last Substantive Amendment: [
June 18, 2008]
Notice of Continuation: May 30, 2013
Authorizing, and Implemented or Interpreted Law: 63M-1-2404
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2015/b20150215.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.