(1) As used in this section, "office" means the Governor's Office of Economic Development created in Section 63N-1-201.
(2) Subject to the provisions of this section, a taxpayer that is a corporation may claim a nonrefundable nonprofit contribution tax credit if the taxpayer meets the requirements for the tax credit described in Section 63N-2-213.5.
(3) The nonprofit contribution tax credit under this section is the amount listed as the tax credit amount on the tax credit certificate that the office issues to the taxpayer for the taxable year.
(4) A taxpayer may carry forward a tax credit under this section for a period that does not exceed the next three taxable years, if the amount of the tax credit exceeds the taxpayer's tax liability under this chapter for that taxable year.
(5) (a) On or before October 1, 2018, and every five years after October 1, 2018, the Revenue and Taxation Interim Committee shall study the tax credit allowed by this section and make recommendations to the Legislative Management Committee concerning whether the tax credit should be continued, modified, or repealed. (b) The Revenue and Taxation Interim Committee shall ensure that recommendations under this Subsection (5) include an evaluation of: (i) the cost of the tax credit to the state; (ii) the purpose and effectiveness of the tax credit; and (iii) the extent to which the state benefits from the tax credit.
(a) On or before October 1, 2018, and every five years after October 1, 2018, the Revenue and Taxation Interim Committee shall study the tax credit allowed by this section and make recommendations to the Legislative Management Committee concerning whether the tax credit should be continued, modified, or repealed.
(b) The Revenue and Taxation Interim Committee shall ensure that recommendations under this Subsection (5) include an evaluation of: (i) the cost of the tax credit to the state; (ii) the purpose and effectiveness of the tax credit; and (iii) the extent to which the state benefits from the tax credit.
(i) the cost of the tax credit to the state;
(ii) the purpose and effectiveness of the tax credit; and
(iii) the extent to which the state benefits from the tax credit.
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