Section R362-4-4 - Eligibility for Tax Credit Requirements for establishing tax credit eligibility, include:
(1) Meeting the definition of a high cost infrastructure project under Subsection 63M-4-602;(2) High cost infrastructure projects, including fuel standard compliance projects, must be physically located in Utah.(3) Completing an application approved by the Office, including providing sufficient information to determine applicant eligibility;(4) Office determination that that applicant meets all eligibility requirements and referral to the Board for Board approval;(5) Receiving a favorable Board recommendation for granting tax credits to the applicant based on the Board's evaluation of the applicant project's benefit to the State of Utah based on factors described in Section 63M-4-603(2); and,(6) The Board may find the applicant's project sufficiently benefits the State if the project satisfies some or all of the criteria described in Subsection 63M-4-603(2).(7) Entering into an agreement with the Office described in Section 63M-4-603(3) authorizing a post-performance, non-refundable tax credit calculated in accordance with Section 63M-4-603 and Utah Administrative Rule R362-4-5.(8) An infrastructure cost burdened entity who does not begin project construction within 4 years of entering into an agreement with the Office described in Subsection 63M-4-603(3), may be required to reapply to regain eligibility.Utah Admin. Code R362-4-4
Adopted by Utah State Bulletin Number 2016-15, effective 7/14/2016Amended by Utah State Bulletin Number 2019-5, effective 2/5/2019Amended by Utah State Bulletin Number 2021-02, effective 1/11/2021