Utah Code 63N-2-806. Criteria for tax credits
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(1) A tax credit applicant shall establish as part of the application required by Section 63N-2-805 that the tax credit applicant:
Terms Used In Utah Code 63N-2-806
- Life science establishment: means the same as that term is defined in Section 59-10-1025. See Utah Code 63N-2-802
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Tax credit: means a tax credit under Section 59-10-1025. See Utah Code 63N-2-802
- Tax credit applicant: means a person that applies to the office to receive a tax credit certificate under this part. See Utah Code 63N-2-802
- Tax credit certificate: means a certificate issued by the office that:(6)(a) lists the name of the tax credit certificate recipient;(6)(b) lists the tax credit certificate recipient's taxpayer identification number;(6)(c) lists the amount of the tax credit certificate recipient's tax credits authorized under this part for a taxable year; and(6)(d) includes other information as determined by the office. See Utah Code 63N-2-802(1)(a) meets all of the criteria to receive the tax credit for which the tax credit applicant applies, except for the requirement to obtain a tax credit certificate; and(1)(b) will provide a long-term economic benefit to the state.
(2) The office may not issue a tax credit certificate to a tax credit applicant if:
(2)(a) the tax credit applicant fails to meet the requirements of Subsection (1)(a); and
(2)(b) the life science establishment does not enter into an agreement described in Section 63N-2-808 with the office.