63N-2-303. Duties of the office. The office shall:
(1)
monitor the implementation and operation of this part and conduct a continuing evaluation of the effectiveness of the targeted business income tax credit in bringing significant new employment and significant new capital development to rural communities;
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:
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.
Targeted business income tax credit: means a refundable tax credit available under this part. See Utah Code 63N-2-302
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. See Utah Code 63N-2-302
(2)
determine a business entity’s eligibility for a targeted business income tax credit award;
(3)
ensure that tax credits are only awarded under this part to a business applicant that has satisfied performance benchmarks as determined by the office;
(4)
ensure that the amount of targeted business income tax credit awarded to a business applicant through a targeted business income tax credit eligibility certificate is no more than $100,000 for the business applicant’s taxable year;
(5)
ensure that the aggregate amount of targeted business income tax credits awarded to business applicants through targeted business income tax credit eligibility certificates is no more than $300,000 for each fiscal year;
(6)
as part of the annual written report described in Section 63N-1a-306, prepare an annual evaluation that provides:
(a)
the identity of each business applicant that was provided a targeted business income tax credit eligibility certificate by the office during the year of the annual report; and
(b)
the total amount awarded in targeted business income tax credit for each development zone; and
the form and content of an application for a targeted business income tax credit eligibility certificate under this part;
(c)
documentation or other requirements for a business applicant to receive a targeted business income tax credit eligibility certificate under this part; and
(d)
administration of targeted business income tax credit awards and the issuing of targeted business income tax credit eligibility certificates, including relevant timelines and deadlines.
