Utah § 63N-4-304 Tax credit.

Utah Statutes

§ 63N-4-304 — Tax credit.

Utah § 63N-4-304

Title 63NEconomic Opportunity Act

Ch. 63N-4Rural Development Act

Part 63N-4-3Utah Rural Jobs Act

This text of Utah § 63N-4-304 (Tax credit.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 63N-4-304 (2026).

Text

(1)On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company.

(2)In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:

(2)(a) issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant's total credit-eligible capital contribution; and

(2)(b) provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.

(3)(3)(a) A claimant

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(1) On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company.
(2) In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:

(2)(a) issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant's total credit-eligible capital contribution; and
(2)(b) provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.
(3) (3)(a) A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office.
(3)(b) A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section 59-1-1406.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules describing:

(4)(a) the documentation requirements for a business entity to receive a tax credit certificate under this section; and
(4)(b) administration of the program, including relevant timelines and deadlines.