Utah § 63N-2-107 Reports of new state revenue, partial rebates, and tax credits.

Utah Statutes

§ 63N-2-107 — Reports of new state revenue, partial rebates, and tax credits.

Utah·Title 63N Economic Opportunity Act·Ch. 63N-2 Tax Credit Incentives for Economic Development·Part 63N-2-1 Economic Development Tax Increment Financing

(1)Before October 1 of each year, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:

(1)(a) (1)(a)(i) the total estimated amount of new state revenue created from new commercial projects;

(1)(a)(ii) the estimated amount of new state revenue from new commercial projects that will be generated from:

(1)(a)(ii)(A) sales tax;

(1)(a)(ii)(B) income tax; and

(1)(a)(ii)(C) corporate franchise and income tax; and

(1)(a)(iii) the minimum number of new incremental jobs and high paying jobs that will be created before any tax credit is awarded; and

(1)(b) the total estimated amount of tax credits that the office projects that business entities will qualify to claim under this part. (2

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(1) Before October 1 of each year, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
(1)(a) (1)(a)(i) the total estimated amount of new state revenue created from new commercial projects;
(1)(a)(ii) the estimated amount of new state revenue from new commercial projects that will be generated from:
(1)(a)(ii)(A) sales tax;
(1)(a)(ii)(B) income tax; and
(1)(a)(ii)(C) corporate franchise and income tax; and
(1)(a)(iii) the minimum number of new incremental jobs and high paying jobs that will be created before any tax credit is awarded; and
(1)(b) the total estimated amount of tax credits that the office projects that business entities will qualify to claim under this part.
(2) By the first business day of each month, the office shall submit a report to the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
(2)(a) each new written agreement that the office entered into since the last report;
(2)(b) the estimated amount of new state revenue that will be generated under each written agreement described in Subsection (2)(a);
(2)(c) the estimated maximum amount of tax credits that a business entity could qualify for under each written agreement described in Subsection (2)(a); and
(2)(d) the minimum number of new incremental jobs and high paying jobs that will be created before any tax credit is awarded.
(3) At the reasonable request of the Governor's Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, or the Division of Finance, the office shall provide additional information about the tax credit, new incremental jobs and high paying jobs, costs, and economic benefits related to this part, if the information is part of a public record as defined in Section 63G-2-103.

Utah § 63N-2-107 (Reports of new state revenue, partial rebates, and tax credits.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.