Terms Used In Utah Code > Title 63N > Chapter 2 - Tax Credit Incentives for Economic Development

• Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
• Agreement: means an agreement described in Section 63N-2-503. See Utah Code 63N-2-502
• alien insurer: means an insurer incorporated or organized under the laws of a jurisdiction that is not a state. See Utah Code 31A-27a-102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Application: means a document:

  (a)

  (i)  completed by an applicant to provide information about the risk to be insured; and (ii)  that contains information that is used by the insurer to evaluate risk and decide whether to: (A)  insure the risk under: (I)  the coverage as originally offered; or (II)  a modification of the coverage as originally offered; or (B)  decline to insure the risk; or

  (b)

  used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Base taxable value: means the value of hotel property before the construction on a qualified hotel begins, as that value is established by the county in which the hotel property is located, using a reasonable valuation method that may include the value of the hotel property on the county assessment rolls the year before the year during which construction on the qualified hotel begins. See Utah Code 63N-2-502 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 business entity: includes a nonprofit entity. See Utah Code 63N-2-103 Business entity: means an entity, sole proprietorship, or individual: (a)  including a claimant, estate, or trust; and (b)  under which or by whom business is conducted or transacted. See Utah Code 63N-2-202 Certificate: means evidence of insurance given to: (a)  an insured under a group insurance policy; or (b)  a third party. See Utah Code 31A-1-301 Certified claim: means a claim that the office has approved and certified as provided in Section 63N-2-505. See Utah Code 63N-2-502 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Claim: means a written document submitted by a qualified hotel owner or host local government to request a convention incentive. See Utah Code 63N-2-502 Claimant: means a resident or nonresident person that has: (a)  Utah taxable income as defined in Section 59-7-101; or (b)  state taxable income under 1. See Utah Code 63N-2-202 claimant: means a resident person or a nonresident person. See Utah Code 63N-2-302 Claimant: means the qualified hotel owner or host local government that submits a claim under Subsection 63N-2-505(1)(a) for a convention incentive. See Utah Code 63N-2-502 Claimant: means the same as that term is defined in Section 59-10-1002. See Utah Code 63N-2-802 Commercial or industrial zone: means an area zoned agricultural, commercial, industrial, manufacturing, business park, research park, or other appropriate business related use in a general plan that contemplates future growth. See Utah Code 63N-2-103 Commission: means the Utah State Tax Commission. See Utah Code 63N-2-502 Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102 Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 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. See Utah Code 63N-2-302 Community reinvestment agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-2-502 Construction revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring during the eligibility period as a result of the construction of the hotel property, including purchases made by a qualified hotel owner and its subcontractors. See Utah Code 63N-2-502 Contract: A legal written agreement that becomes binding when signed. Control: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 Convention incentive: means an incentive for the development of a qualified hotel, in the form of payment from the incentive fund as provided in this part, as authorized in an agreement. See Utah Code 63N-2-502 County applicant: means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204. See Utah Code 63N-2-202 County executive: means :Utah Code 68-3-12.5 creditor: means a person having a claim against an insurer whether the claim is: (a)  matured or not matured; (b)  liquidated or unliquidated; (c)  secured or unsecured; (d)  absolute; or (e)  fixed or contingent. See Utah Code 31A-27a-102 Deadline: means a final date or time: (a)  imposed by: (i)  statute; (ii)  rule; or (iii)  order; and (b)  by which a required filing or payment must be received by the department. See Utah Code 31A-1-301 Deed: The legal instrument used to transfer title in real property from one person to another. Department: is a s defined in Section 31A-1-301 unless the context requires otherwise. See Utah Code 31A-27a-102 Development zone: means an economic development zone created under Section 63N-2-104. See Utah Code 63N-2-103 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 domiciliary state: means the state in which an insurer is incorporated or organized, except that "domiciliary state" means: (a)  in the case of an alien insurer, its state of entry; or (b)  in the case of a risk retention group, the state in which the risk retention group is chartered as contemplated in the Liability Risk Retention Act, 15 U. See Utah Code 31A-27a-102 Eligibility period: means : (a)  the period that: (i)  begins the date construction of a qualified hotel begins; and (ii)  ends: (A)  for purposes of the state portion, 20 years after the date of initial occupancy of that qualified hotel; or (B)  for purposes of the local portion and incremental property tax revenue, 25 years after the date of initial occupancy of that hotel; or (b)  as provided in an agreement between the office and a qualified hotel owner or host local government, a period that: (i)  begins no earlier than the date construction of a qualified hotel begins; and (ii)  is shorter than the period described in Subsection (10)(a). See Utah Code 63N-2-502 Endorsement letter: means a letter: (a)  from the county in which a qualified hotel is located or is proposed to be located; (b)  signed by the county executive; and (c)  expressing the county's endorsement of a developer of a qualified hotel as meeting all the county's criteria for receiving the county's endorsement. See Utah Code 63N-2-502 Enrollee: includes an insured. See Utah Code 31A-1-301 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 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Estate: means a nonresident estate or a resident estate that has state taxable income under 2. See Utah Code 63N-2-202 Estate: means a resident estate or a nonresident estate. See Utah Code 63N-2-302 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive director: means the executive director of the office. See Utah Code 63N-1a-102 Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Filing: when used as a noun, means an item required to be filed with the department including: (a)  a policy; (b)  a rate; (c)  a form; (d)  a document; (e)  a plan; (f)  a manual; (g)  an application; (h)  a report; (i)  a certificate; (j)  an endorsement; (k)  an actuarial certification; (l)  a licensee annual statement; (m)  a licensee renewal application; (n)  an advertisement; (o)  a binder; or (p)  an outline of coverage. See Utah Code 31A-1-301 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. Form: means one of the following prepared for general use: (i)  a policy; (ii)  a certificate; (iii)  an application; (iv)  an outline of coverage; or (v)  an endorsement. See Utah Code 31A-1-301 Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and: (a)  may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and (b)  may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102 Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor General assets: includes the property of the estate or its proceeds in excess of the amount necessary to discharge a claim described in Subsection (18)(a). See Utah Code 31A-27a-102 GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102 Guaranty association: means : (a)  a mechanism mandated by Chapter 28, Guaranty Associations; or (b)  a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102 Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment: (a)  a professional service; (b)  a personal service; (c)  a facility; (d)  equipment; (e)  a device; (f)  supplies; or (g)  medicine. See Utah Code 31A-1-301 health insurance: means insurance providing: (i)  a health care benefit; or (ii)  payment of an incurred health care expense. See Utah Code 31A-1-301 High paying job: means a newly created full-time employee position where the aggregate average annual gross wage of the employment position, not including health care or other paid or unpaid benefits, is: (a)  at least 110% of the average wage of the county in which the employment position exists; or (b)  for an employment position related to a project described in 1, and that is located within the boundary of a county of the third, fourth, fifth, or sixth class, or located within a municipality in a county of the second class and where the municipality has a population of 10,000 or less: (i)  at least 100% of the average wage of the county in which the employment position exists; or (ii)  an amount determined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if the office determines the project is in a county experiencing economic distress. See Utah Code 63N-1a-102 Host agency: means the community reinvestment agency of the host local government. See Utah Code 63N-2-502 Host local government: means : (a)  a county that enters into an agreement with the office for the construction of a qualified hotel within the unincorporated area of the county; or (b)  a city or town that enters into an agreement with the office for the construction of a qualified hotel within the boundary of the city or town. See Utah Code 63N-2-502 Hotel property: means a qualified hotel and any property that is included in the same development as the qualified hotel, including convention, exhibit, and meeting space, retail shops, restaurants, parking, and other ancillary facilities and amenities. See Utah Code 63N-2-502 Incentive fund: means the Convention Incentive Fund created in Section 63N-2-503. See Utah Code 63N-2-502 Incremental job: includes a full-time employment position where the employee is hired: (i)  directly by a business entity; or (ii)  by a professional employer organization, as defined in Section 31A-40-102, on behalf of a business entity. See Utah Code 63N-1a-102 Incremental property tax revenue: means the amount of property tax revenue generated from hotel property that equals the difference between: (a)  the amount of property tax revenue generated in any tax year by all taxing entities from hotel property, using the current assessed value of the hotel property; and (b)  the amount of property tax revenue that would be generated that tax year by all taxing entities from hotel property, using the hotel property's base taxable value. See Utah Code 63N-2-502 Individual: means a natural person. See Utah Code 31A-1-301 insolvent: means that an insurer: (a)  is unable to pay its obligations when they are due; (b)  does not have admitted assets at least equal to all of its liabilities; or (c)  has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes: (i)  a policyholder; (ii)  a subscriber; (iii)  a member; and (iv)  a beneficiary. See Utah Code 31A-1-301 insurer: means a person who: (a)  is doing, has done, purports to do, or is licensed to do the business of insurance; (b)  is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or (c)  is included under Section 31A-27a-104. See Utah Code 31A-27a-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Life science establishment: means the same as that term is defined in Section 59-10-1025. See Utah Code 63N-2-802 Local government entity: means a county, city, town, or metro township. See Utah Code 63N-2-103 Local portion: means the portion of new tax revenue that is generated by local taxes. See Utah Code 63N-2-502 Local taxes: means a tax imposed under: (a)  Section 59-12-204; (b)  Section 59-12-301; (c)  Sections 59-12-352 and 59-12-353; (d)  Subsection 59-12-603(1)(a); or (e)  Section 59-12-1102. See Utah Code 63N-2-502 Managed care organization: means a person: (a)  licensed as a health maintenance organization under Chapter 8, Health Maintenance Organizations and Limited Health Plans; or (b)  (i)  licensed under: (A)  Chapter 5, Domestic Stock and Mutual Insurance Corporations; (B)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (C)  Chapter 14, Foreign Insurers; and (ii)  that requires an enrollee to use, or offers incentives, including financial incentives, for an enrollee to use, network providers. See Utah Code 31A-1-301 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Municipal applicant: means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204. See Utah Code 63N-2-202 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 New commercial project: means an economic development opportunity that: (a)  involves a targeted industry; (b)  is located within: (i)  a county of the third, fourth, fifth, or sixth class; or (ii)  a municipality that has a population of 10,000 or less and the municipality is located within a county of the second class; or (c)  involves an economic development opportunity that the commission determines to be eligible for a tax credit under this part. See Utah Code 63N-2-103 New state revenue: means the state revenue collected from a business entity or a business entity's employees during a calendar year minus the baseline state revenue calculation. See Utah Code 63N-1a-102 New tax revenue: means construction revenue, offsite revenue, and onsite revenue. See Utah Code 63N-2-502 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Offsite revenue: means revenue generated from state taxes and local taxes imposed on transactions by a third-party seller occurring other than on hotel property during the eligibility period, if: (a)  the transaction is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act; and (b)  the third-party seller voluntarily consents to the disclosure of information to the office, as provided in Subsection 63N-2-505(2)(b)(i)(E). See Utah Code 63N-2-502 Onsite revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring on hotel property during the eligibility period. See Utah Code 63N-2-502 Order: means an order of the commissioner. See Utah Code 31A-1-301 Participating: means a plan of insurance under which the insured is entitled to receive a dividend representing a share of the surplus of the insurer. See Utah Code 31A-1-301 Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301 Preference: means a transfer of property of an insurer to or for the benefit of a creditor: (a)  for or on account of an antecedent debt, made or allowed by the insurer within one year before the day on which a successful petition for rehabilitation or liquidation is filed under this chapter; (b)  the effect of which transfer may enable the creditor to obtain a greater percentage of the creditor's debt than another creditor of the same class would receive; and (c)  if a liquidation order is entered while the insurer is already subject to a rehabilitation order and the transfer otherwise qualifies, that is made or allowed within the shorter of: (i)  one year before the day on which a successful petition for rehabilitation is filed; or (ii)  two years before the day on which a successful petition for liquidation is filed. See Utah Code 31A-27a-102 Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 property of the estate: includes : (a)  a right, title, or interest of the insurer in property: (i)  whether: (A)  legal or equitable; (B)  tangible or intangible; or (C)  choate or inchoate; and (ii)  including choses in action, contract rights, and any other interest recognized under the laws of this state; (b)  entitlements that exist before the entry of an order of rehabilitation or liquidation; (c)  entitlements that may arise by operation of this chapter or other provisions of law allowing the receiver to avoid prior transfers or assert other rights; and (d)  (i)  records or data that is otherwise the property of the insurer; and (ii)  records or data similar to those described in Subsection (30)(d)(i) that are within the possession, custody, or control of a managing general agent, a third party administrator, a management company, a data processing company, an accountant, an attorney, an affiliate, or other person. See Utah Code 31A-27a-102 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Qualified hotel: means a full-service hotel development constructed in the state on or after July 1, 2014 that: (a)  requires a significant capital investment; (b)  includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and (c)  is located within 1,000 feet of a convention center that contains at least 500,000 square feet of convention, exhibit, and meeting space. See Utah Code 63N-2-502 Qualified hotel owner: means a person who owns a qualified hotel. See Utah Code 63N-2-502 receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102 receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102 receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102 Record: when used as a noun, means information or data, in whatever form maintained, including: (a)  a book; (b)  a document; (c)  a paper; (d)  a file; (e)  an application file; (f)  a policyholder list; (g)  policy information; (h)  a claim or claim file; (i)  an account; (j)  a voucher; (k)  a litigation file; (l)  a premium record; (m)  a rate book; (n)  an underwriting manual; (o)  a personnel record; (p)  a financial record; or (q)  other material. See Utah Code 31A-27a-102 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 Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Remote work opportunity: means a new commercial project that: (a)  does not require a physical office in the state where employees associated with the new commercial project are required to work; and (b)  requires employees associated with the new commercial project to: (i)  work remotely from a location within the state; and (ii)  maintain residency in the state. See Utah Code 63N-2-103 Review committee: means the independent review committee established under Section 63N-2-504. See Utah Code 63N-2-502 Security: means a: (i)  note; (ii)  stock; (iii)  bond; (iv)  debenture; (v)  evidence of indebtedness; (vi)  certificate of interest or participation in a profit-sharing agreement; (vii)  collateral-trust certificate; (viii)  preorganization certificate or subscription; (ix)  transferable share; (x)  investment contract; (xi)  voting trust certificate; (xii)  certificate of deposit for a security; (xiii)  certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (xiv)  commodity contract or commodity option; (xv)  certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or (xvi)  another interest or instrument commonly known as a security. See Utah Code 31A-1-301 Sell: means to exchange a contract of insurance: (a)  by any means; (b)  for money or its equivalent; and (c)  on behalf of an insurance company. See Utah Code 31A-1-301 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5 Significant capital investment: means an investment in capital or fixed assets, which may include real property, personal property, and other fixtures related to a new commercial project that represents an expansion of existing operations in the state or that increases the business entity's existing workforce in the state. See Utah Code 63N-2-103 Significant capital investment: means an amount of at least $200,000,000. See Utah Code 63N-2-502 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 State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102 State portion: means the portion of new tax revenue that is generated by state taxes. See Utah Code 63N-2-502 State revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions: (a)  Title 59, Chapter 7, Corporate Franchise and Income Taxes; (b)  1; (c)  2; (d)  4; and (e)  Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102 State taxes: means a tax imposed under Subsection 59-12-103(2)(a)(i), (2)(b)(i), (2)(c)(i), or (2)(e)(i)(A). See Utah Code 63N-2-502 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 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 Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. 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 tax credit: means a tax credit that a business entity may: (a)  claim: (i)  as provided by statute; and (ii)  in an amount that does not exceed the business entity's tax liability for a taxable year under: (A)  Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (B)  Title 59, Chapter 10, Individual Income Tax Act; and (b)  carry forward or carry back: (i)  if allowed by statute; and (ii)  to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under: (A)  Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (B)  Title 59, Chapter 10, Individual Income Tax Act. See Utah Code 63N-2-202 Tax credit: means a tax credit under Section 59-10-1025. See Utah Code 63N-2-802 Tax credit applicant: means a person that applies to the office to receive a tax credit certificate under this part. See Utah Code 63N-2-802 Tax credit certificate: means a certificate issued by the office that: (a)  lists the name of the business entity to which the office authorizes a tax credit; (b)  lists the business entity's taxpayer identification number; (c)  lists the amount of tax credit that the office authorizes the business entity for the taxable year; and (d)  may include other information as determined by the office. See Utah Code 63N-2-103 Tax credit certificate: means a certificate issued by the office that: (a)  lists the name of the tax credit certificate recipient; (b)  lists the tax credit certificate recipient's taxpayer identification number; (c)  lists the amount of the tax credit certificate recipient's tax credits authorized under this part for a taxable year; and (d)  includes other information as determined by the office. See Utah Code 63N-2-802 Tax credit certificate recipient: means an eligible claimant, estate, or trust that receives a tax credit certificate in accordance with this part for a tax credit under Section 59-10-1025. See Utah Code 63N-2-802 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Third-party seller: means a person who is a seller in a transaction: (a)  occurring other than on hotel property; (b)  that is: (i)  the sale, rental, or lease of a room or of convention or exhibit space or other facilities on hotel property; or (ii)  the sale of tangible personal property or a service that is part of a bundled transaction, as defined in Section 59-12-102, with a sale, rental, or lease described in Subsection (29)(b)(i); and (c)  that is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-2-502 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether: (i)  directly or indirectly; (ii)  absolutely or conditionally; (iii)  voluntarily or involuntarily; or (iv)  by or without judicial proceedings. See Utah Code 31A-27a-102 Trust: means a nonresident trust or a resident trust that has state taxable income under 2. See Utah Code 63N-2-202 Trust: means a resident trust or a nonresident trust. See Utah Code 63N-2-302 Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301 Trustee: A person or institution holding and administering property in trust. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Usury: Charging an illegally high interest rate on a loan. Source: OCC Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5 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