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Utah Code Title 63N. Economic Opportunity Act § 63N-2-104.1. Eligibility for tax credit--Economic impact study

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The office shall certify a business entity's eligibility for a tax credit as provided in this section.

(2) A business entity is eligible to receive a tax credit for a new commercial project if:

(a) the new commercial project:

(i)(A) is located and provides direct investment within the geographic boundaries of a development zone; or

(B) creates a remote work opportunity;

(ii) includes the creation of high paying jobs in the state, significant capital investment in the state, or significant purchases from vendors, contractors, or service providers in the state, or a combination of these three economic factors; and

(iii) generates new state revenues; and

(b) the business entity has not claimed a High Cost Infrastructure Development Tax Credit under Section 79-6-603 for the same new commercial project, if the new commercial project is located within a county of the first or second class.

(3) The office shall conduct a study of the economic impacts associated with a new commercial project to determine whether a business entity meets the requirements of Subsection (2).

(4) In determining whether a new commercial project meets the requirements of Subsection (2)(a)(ii), the office may attribute an incremental job or a high paying job to a new commercial project regardless of whether the job is performed in person, within a development zone, or remotely from elsewhere in the state.

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Cite this article: FindLaw.com - Utah Code Title 63N. Economic Opportunity Act § 63N-2-104.1. Eligibility for tax credit--Economic impact study - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63n-economic-opportunity-act/ut-code-sect-63n-2-104-1/

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