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Utah Code Title 63N. Economic Opportunity Act § 63N-2-104.3. Limitations on tax credit amount

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

(1) Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds:

(a) 50% of the new state revenues from the new commercial project in any given year;

(b) 30% of the new state revenues from the new commercial project over a period of up to 20 years; or

(c) 35% of the new state revenues from the new commercial project over a period of up to 20 years, if:

(i) the new commercial project brings 2,500 or more new incremental jobs to the state;

(ii) the amount of capital expenditures associated with the new commercial project is $1,000,000,000 or more; and

(iii) the commission approves the tax credit.

(2) If the office authorizes a tax credit for a new commercial project located within the boundary of:

(a) a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;

(b) a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and

(c) a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.

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Cite this article: FindLaw.com - Utah Code Title 63N. Economic Opportunity Act § 63N-2-104.3. Limitations on tax credit amount - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63n-economic-opportunity-act/ut-code-sect-63n-2-104-3/

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