Utah Code 63N-2-106. Reports — Posting monthly and annual reports — Audit and study of tax credits

63N-2-106. Reports — Posting monthly and annual reports — Audit and study of tax credits.

(1)

The office shall include the following information in the annual written report described in Section 63N-1a-306:

Month: means a calendar month, unless otherwise expressed. 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 an economic development tax credit created by Section 59-7-614. See Utah Code 63N-2-103

(a)	the office’s success in attracting new commercial projects to development zones under this part and the corresponding increase in new incremental jobs;

(b)	how many new incremental jobs and high paying jobs are employees of a company that received tax credits under this part, including the number of employees who work for a third-party rather than directly for a company, receiving the tax credits under this part;

(c)	the estimated amount of tax credit commitments made by the office and the period of time over which tax credits will be paid;

(d)	the economic impact on the state from new state revenues and the provision of tax credits under this part;

(e)	the estimated costs and economic benefits of the tax credit commitments made by the office;

(f)	the actual costs and economic benefits of the tax credit commitments made by the office; and

(g)	tax credit commitments made by the office, with the associated calculation.

(2)

Each month, the office shall post on its website and on a state website:

(a)	the new tax credit commitments made by the office during the previous month; and

(b)	the estimated costs and economic benefits of those tax credit commitments.

(3)

(a)

On or before November 1, 2014, and every three years after November 1, 2014, the office shall:

(i)	conduct an audit of the tax credits allowed under Section 63N-2-105;

(ii)	study the tax credits allowed under Section 63N-2-105; and

(iii)

make recommendations concerning whether the tax credits should be continued, modified, or repealed.

(b)

The audit shall include an evaluation of:

(i)	the cost of the tax credits;

(ii)	the purposes and effectiveness of the tax credits;

(iii)

the extent to which the state benefits from the tax credits; and

(iv)	the state’s return on investment under this part measured by new state revenues, compared with the costs of tax credits provided and GOED’s expenses in administering this part.

(c)

The office shall provide the results of the audit described in this Subsection (3):

(i)	in the written annual report described in Subsection (1); and

(ii)	as part of the reviews described in Sections 59-7-159 and 59-10-137.

Amended by Chapter 282, 2021 General Session