(1) An employer shall provide written notice to the department as provided in the participation agreement described in Section 35A-5-304.
(2) The department shall determine whether an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate after the employer provides the written notice described in Subsection (1) to the department.
(3) Subject to the other provisions of this section, if the department determines that an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate, the department may issue a tax credit certificate to the employer.
(4) A tax credit certificate under this section: (a) shall list the amount of tax credit allowable for the taxable year in an amount that does not exceed $2,000; (b) shall list the name and federal employer number of the employer; (c) shall list the name, Social Security identification number, and current address of the person who is homeless with respect to whom the employer has met the wage requirement; and (d) may include any other information required by the department.
(a) shall list the amount of tax credit allowable for the taxable year in an amount that does not exceed $2,000;
(b) shall list the name and federal employer number of the employer;
(c) shall list the name, Social Security identification number, and current address of the person who is homeless with respect to whom the employer has met the wage requirement; and
(d) may include any other information required by the department.
(5) Subject to Subsections (6) and (7), the department shall issue tax credit certificates under this section in the order that the department receives the written notice described in Subsection (1).
(6) The department may not issue tax credit certificates that total more than $100,000 in a fiscal year.
(7) (a) Subject to Subsection (7)(b), if the department would have issued tax credit certificates that total more than $100,000 in a fiscal year but for the limit provided in Subsection (6), the department shall issue the tax credit certificates that exceed $100,000 in the next fiscal year. (b) If the department issues tax credit certificates in accordance with Subsection (7)(a): (i) the tax credit certificates may not total more than $100,000; and (ii) the department may not issue tax credit certificates for an amount that exceeds the limit described in Subsection (7)(b)(i) in a future fiscal year.
(a) Subject to Subsection (7)(b), if the department would have issued tax credit certificates that total more than $100,000 in a fiscal year but for the limit provided in Subsection (6), the department shall issue the tax credit certificates that exceed $100,000 in the next fiscal year.
(b) If the department issues tax credit certificates in accordance with Subsection (7)(a): (i) the tax credit certificates may not total more than $100,000; and (ii) the department may not issue tax credit certificates for an amount that exceeds the limit described in Subsection (7)(b)(i) in a future fiscal year.
(i) the tax credit certificates may not total more than $100,000; and
(ii) the department may not issue tax credit certificates for an amount that exceeds the limit described in Subsection (7)(b)(i) in a future fiscal year.
(8) The department shall provide a copy of a tax credit certificate the department issues under this section to the State Tax Commission.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.