Section R357-15a-102 - DefinitionsIn addition to the terms defined under Section 63N-2-302, the following terms are defined:
(1) "Benchmarks" as used in Subsection 63N-2-303(3), means the minimum amount of significant new employment and significant new capital development that a business applicant and the office agree to in writing that a business applicant shall generate prior to being awarded a targeted business income tax credit eligibility certificate;(2) "New employment" means newly created positions in addition to the baseline jobs, defined under Section 63N-1-102, filled by an employee: (a) working at least 30 hours per week; and(b) is paid at least 100% of the county average wage of the county in which the position exists;(3) "Significant new capital development" means costs of at least $100,000 for: (a) improvement to real property;(b) purchase of real property; or(c) purchase of depreciable equipment; and(4) "Significant new employment" means the projected number of new employment positions in comparison to the:(a) business baseline count of full time equivalent employees; and(b) overall county employment numbers provided by the Department of Workforce Services.Utah Admin. Code R357-15a-102
Adopted by Utah State Bulletin Number 2020-08, effective 3/30/2020Amended by Utah State Bulletin Number 2021-10, effective 5/10/2021