On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant’s credit-eligible capital contribution to the rural investment company.
Terms Used In Utah Code 63N-4-304
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Claimant: means a resident or nonresident person that has state taxable income. See Utah Code 63N-4-302
Closing date: means the date on which a rural investment company collects:
(a)
all of the investments described in Subsection 63N-4-303(7) related to phase one investment authority; or
(b)
all of the investments described in Subsection 63N-4-303(7) related to phase two investment authority. See Utah Code 63N-4-302
Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302
Rural investment company: means a person approved by the office under Section 63N-4-303. See Utah Code 63N-4-302
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 certificate: means a certificate issued by the office that:
(a)
lists the name of the person to which the office authorizes a tax credit;
(b)
lists the person's taxpayer identification number;
(c)
lists the amount of tax credit that the office authorizes the person to claim for the taxable year; and
(d)
may include other information as determined by the office. See Utah Code 63N-4-302
(2)
In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:
(a)
issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant’s total credit-eligible capital contribution; and
(b)
provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.
(3)
(a)
A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office.
(b)
A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section 59-1-1406.
