63N-2-302.  Definitions.
     As used in this part:

(1)  “Business applicant” means a business that:

Terms Used In Utah Code 63N-2-302

  • Business applicant: means a business that:
(a) is a claimant, estate, or trust; and
(b) meets the criteria established in Section 63N-2-304. See Utah Code 63N-2-302
  • claimant: means a resident person or a nonresident person. See Utah Code 63N-2-302
  • Enterprise zone: means an area within a county or municipality that has been designated as an enterprise zone by the office under 2. See Utah Code 63N-2-302
  • Estate: means a resident estate or a nonresident estate. See Utah Code 63N-2-302
  • Person: means :Utah Code 68-3-12.5
  • Refundable tax credit: means a tax credit that a claimant, estate, or trust may claim:
    (a) as provided by statute; and
    (b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under:
    (i) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
    (ii) Title 59, Chapter 10, Individual Income Tax Act. See Utah Code 63N-2-302
  • Statute: A law passed by a legislature.
  • Targeted business income tax credit: means a refundable tax credit available under this part. See Utah Code 63N-2-302
  • Trust: means a resident trust or a nonresident trust. See Utah Code 63N-2-302
  • (a)  is a claimant, estate, or trust; and

    (b)  meets the criteria established in Section 63N-2-304.

    (2) 

    (a)  Except as provided in Subsection (2)(b), “claimant” means a resident person or a nonresident person.

    (b)  “Claimant” does not include an estate or trust.

    (3)  “Community investment project” means a project that includes one or more of the following criteria in addition to the normal operations of the business applicant:

    (a)  significant new employment; or

    (b)  significant new capital development.

    (4)  “Enterprise zone” means an area within a county or municipality that has been designated as an enterprise zone by the office under 2.

    (5)  “Estate” means a resident estate or a nonresident estate.

    (6)  “Refundable tax credit” means a tax credit that a claimant, estate, or trust may claim:

    (a)  as provided by statute; and

    (b)  regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under:

    (i)  Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

    (ii)  Title 59, Chapter 10, Individual Income Tax Act.

    (7)  “Targeted business income tax credit” means a refundable tax credit available under this part.

    (8)  “Targeted business income tax credit eligibility certificate” means a document provided by the office to a business applicant before the applicant may claim a targeted business income tax credit under this part.

    (9)  “Trust” means a resident trust or a nonresident trust.

    Amended by Chapter 352, 2017 General Session