(1) 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.
(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.
(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.
(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.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules describing: (a) the documentation requirements for a business entity to receive a tax credit certificate under this section; and (b) administration of the program, including relevant timelines and deadlines.
(a) the documentation requirements for a business entity to receive a tax credit certificate under this section; and
(b) administration of the program, including relevant timelines and deadlines.
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