63N-2-107. Reports of new state revenues, partial rebates, and tax credits.
| (1) |
Before October 1 of each year, the office shall submit a report to the Governor’s Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
Terms Used In Utah Code 63N-2-107- business entity: includes a nonprofit entity. See Utah Code 63N-2-103
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102
- Tax credit: means an economic development tax credit created by Section 59-7-614. See Utah Code 63N-2-103
- Written agreement: means a written agreement entered into between the office and a business entity under Section 63N-2-104. See Utah Code 63N-2-103
| (a) |
| (i) |
the total estimated amount of new state revenues created from new commercial projects; |
| (ii) |
the estimated amount of new state revenues from new commercial projects that will be generated from:
| (C) |
corporate franchise and income tax; and |
|
| (iii) |
the minimum number of new incremental jobs and high paying jobs that will be created before any tax credit is awarded; and |
|
| (b) |
the total estimated amount of tax credits that the office projects that business entities will qualify to claim under this part. |
|
| (2) |
By the first business day of each month, the office shall submit a report to the Governor’s Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, and the Division of Finance identifying:
| (a) |
each new written agreement that the office entered into since the last report; |
| (b) |
the estimated amount of new state revenues that will be generated under each written agreement described in Subsection (2)(a); |
| (c) |
the estimated maximum amount of tax credits that a business entity could qualify for under each written agreement described in Subsection (2)(a); and |
| (d) |
the minimum number of new incremental jobs and high paying jobs that will be created before any tax credit is awarded. |
|
| (3) |
At the reasonable request of the Governor’s Office of Planning and Budget, the Office of the Legislative Fiscal Analyst, or the Division of Finance, the office shall provide additional information about the tax credit, new incremental jobs and high paying jobs, costs, and economic benefits related to this part, if the information is part of a public record as defined in Section 63G-2-103. |
| (4) |
By June 30, the office shall submit to the Economic Development and Workforce Services Interim Committee, the Business, Economic Development, and Labor Appropriations Subcommittee, and the governor, a written report that provides an overview of the implementation and efficacy of the statewide economic development strategy, including an analysis of the extent to which the office’s programs are aligned with the prevailing economic conditions expected in the next fiscal year. |
Amended by Chapter 200, 2022 General Session
