High paying job: means a newly created full-time employee position where the aggregate average annual gross wage of the employment position, not including health care or other paid or unpaid benefits, is:
(a)
at least 110% of the average wage of the county in which the employment position exists; or
(b)
for an employment position related to a project described in 1, and that is located within the boundary of a county of the third, fourth, fifth, or sixth class, or located within a municipality in a county of the second class and where the municipality has a population of 10,000 or less:
(i)
at least 100% of the average wage of the county in which the employment position exists; or
Significant capital investment: means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state. See Utah Code 63N-2-103
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
A business entity is eligible to receive a tax credit for a new commercial project if:
(a)
the new commercial project:
(i)
(A)
is located and provides direct investment within the geographic boundaries of a development zone; or
(B)
creates a remote work opportunity;
(ii)
includes the creation of high paying jobs in the state, significant capital investment in the state, or significant purchases from vendors, contractors, or service providers in the state, or a combination of these three economic factors; and
(iii)
generates new state revenues; and
(b)
the business entity has not claimed a High Cost Infrastructure Development Tax Credit under Section 79-6-603 for the same new commercial project, if the new commercial project is located within a county of the first or second class.
(3)
The office shall conduct a study of the economic impacts associated with a new commercial project to determine whether a business entity meets the requirements of Subsection (2).
(4)
In determining whether a new commercial project meets the requirements of Subsection (2)(a)(ii), the office may attribute an incremental job or a high paying job to a new commercial project regardless of whether the job is performed in person, within a development zone, or remotely from elsewhere in the state.
Enacted by Chapter 200, 2022 General Session Amended by Chapter 362, 2022 General Session, (Coordination Clause)
