§ 63N-2-105 — Requirements for claiming tax credit -- Application for tax credit certificate -- Procedure.

(1) A business entity may claim a tax credit under this part if the office:

(1)(a) determines that the business entity is eligible for a tax credit under Section 63N-2-104.1;
(1)(b) enters into a written agreement with the business entity in accordance with Section 63N-2-104.2; and
(1)(c) issues a tax credit certificate to the business entity in accordance with this section.
(2) A business entity seeking to receive a tax credit shall provide the office with:

(2)(a) an application for a tax credit certificate, including a certification, by an officer of the business entity, of any signature on the application;
(2)(b) documentation of the new state revenues from the business entity's new commercial project that were paid during a calendar year;
(2)(c) known or expected detriments to the state or existing businesses in the state;
(2)(d) a document that expressly directs and authorizes the State Tax Commission to disclose to the office the business entity's returns and other information that would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103, Internal Revenue Code;
(2)(e) a document that expressly directs and authorizes the Department of Workforce Services to disclose to the office the business entity's unemployment insurance contribution reports that would otherwise be subject to confidentiality under Section 35A-4-312; and
(2)(f) documentation that the business entity has satisfied the performance benchmarks outlined in the written agreement.
(3) (3)(a) (3)(a)(i) The office shall submit the document described in Subsection (2)(d) to the State Tax Commission.
(3)(a)(ii) Upon receipt of the document described in Subsection (2)(d), the State Tax Commission shall provide the office with the returns and other information requested by the office that the State Tax Commission is directed or authorized to provide to the office in accordance with Subsection (2)(d).
(3)(b) (3)(b)(i) The office shall submit the document described in Subsection (2)(e) to the Department of Workforce Services.
(3)(b)(ii) Upon receipt of the document described in Subsection (2)(e), the Department of Workforce Services shall provide the office with the information that the Department of Workforce Services is directed or authorized to provide to the office in accordance with Subsection (2)(e).
(4) If the returns and other information provided under Subsections (2) and (3) provide the office with a reasonable justification for authorizing or continuing a tax credit, the office shall:

(4)(a) determine the amount of the tax credit to be granted to the business entity, consistent with the terms of the written agreement;
(4)(b) issue a tax credit certificate to the business entity; and
(4)(c) provide a digital record of the tax credit certificate to the State Tax Commission.
(5) (5)(a) A business entity may claim a tax credit in the amount listed on the tax credit certificate on its tax return.
(5)(b) A business entity that claims a tax credit under this section shall retain the tax credit certificate in accordance with Section 59-7-614.2 or 59-10-1107.

Legislative History

Amended by Chapter 200, 2022 General Session