Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
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 that a claimant, estate, or trust may:
(a)
claim:
(i)
as provided by statute; and
(ii)
in an amount that does not exceed the claimant's, estate's, or trust's tax liability under this chapter for a taxable year; and
(b)
carry forward or carry back:
(i)
if allowed by statute; and
(ii)
unless otherwise provided in statute, to the extent that the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter for a taxable year. See Utah Code 59-10-1002
Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
(i)
an individual;
(ii)
an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer;
“Qualifying solar project” means the portion of an active solar system:
(i)
that a qualifying political subdivision:
(A)
constructs;
(B)
controls; or
(C)
owns;
(ii)
with respect to which the qualifying political subdivision sells one or more solar units; and
(iii)
that generates electrical output that is furnished:
(A)
to one or more residential units; or
(B)
for the benefit of one or more residential units.
(f)
“Residential unit” means the same as that term is defined in Section 59-10-1014.
(g)
“Solar unit” means a portion of the electrical output:
(i)
of a qualifying solar project;
(ii)
that a qualifying political subdivision sells to a purchaser; and
(iii)
the purchase of which requires that the purchaser agree to bear a proportionate share of the expense of the qualifying solar project:
(A)
in accordance with a written agreement between the purchaser and the qualifying political subdivision;
(B)
in exchange for a credit on the purchaser’s electrical bill; and
(C)
as determined by a formula established by the qualifying political subdivision.
(2)
(a)
Subject to Subsections (2)(b) and (3), a purchaser may claim a nonrefundable tax credit equal to the amount stated on a tax credit certificate issued by the office.
(b)
The maximum tax credit per taxpayer per taxable year is the lesser of:
(i)
25% of the amount that the purchaser pays to purchase one or more solar units during the taxable year; and
(ii)
$2,000.
(3)
(a)
To claim a tax credit under this section, a purchaser shall receive a tax credit certificate from the office.
(b)
The purchaser shall submit, with the purchaser’s application for a tax credit certificate, proof of the purchaser’s purchase of one or more solar units.
(c)
If the office determines that the purchaser purchased one or more solar units during the taxable year, the office shall:
(i)
determine the amount of the purchaser’s tax credit; and
(ii)
issue, on a form approved by the commission, a tax credit certificate to the purchaser that states the amount of the purchaser’s tax credit.
(d)
If the office determines that a claimant, estate, or trust requesting a tax credit certificate is not eligible for a tax credit certificate under this section but may be eligible for a tax credit certificate under Section 59-10-1014, the office shall treat the claimant, estate, or trust as applying for a written certification in accordance with Section 59-10-1014.
(e)
A purchaser who receives a tax credit certificate shall retain the tax credit certificate for the same time period that a person is required to keep books and records under Section 59-1-1406.
(f)
The office shall submit to the commission an electronic list that includes:
(i)
the name and identifying information of each purchaser to whom the office issued a certificate; and
(ii)
for each claimant, estate, or trust:
(A)
the amount of the tax credit listed on the written certification; and
(B)
the date or dates the claimant, estate, or trust purchased one or more solar units.
(4)
A purchaser may carry forward a tax credit under this section for a period that does not exceed the next four taxable years if:
(a)
the purchaser is allowed to claim a tax credit under this section for a taxable year; and
(b)
the amount of the tax credit exceeds the purchaser’s tax liability under this chapter for that taxable year.
(5)
Subject to Section 59-10-1014, a tax credit under this section is in addition to any other tax credit allowed by this chapter.
