§ 63N-2-202 — Definitions.

Utah § 63N-2-202

• Jurisdiction: Utah
• Title 63N: Economic Opportunity Act
• Ch. 63N-2: Tax Credit Incentives for Economic Development
• Part 63N-2-2: Enterprise Zone Act

Text

As used in this part:
(1) "Business entity" means an entity, sole proprietorship, or individual:

(1)(a) including a claimant, estate, or trust; and
(1)(b) under which or by whom business is conducted or transacted.
(2) "Claimant" means a resident or nonresident person that has:

(2)(a) Utah taxable income as defined in Section 59-7-101; or
(2)(b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information.
(3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204.
(4) "Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.
(5) "Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204.
(6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may:

(6)(a) claim:
(6)(a)(i) as provided by statute; and
(6)(a)(ii) in an amount that does not exceed the business entity's tax liability for a taxable year under:

(6)(a)(ii)(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
(6)(a)(ii)(B) Title 59, Chapter 10, Individual Income Tax Act; and
(6)(b) carry forward or carry back:
(6)(b)(i) if allowed by statute; and
(6)(b)(ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:

(6)(b)(ii)(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
(6)(b)(ii)(B) Title 59, Chapter 10, Individual Income Tax Act.
(7) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63N-2-213.
(8) "Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

Legislative History

Amended by Chapter 465, 2019 General Session