Utah Code § 63N-2-202

Current through the 2024 Fourth Special Session

Section 63N-2-202 - Definitions

As used in this part:

(1) "Business entity" means an entity, sole proprietorship, or individual:

(a) including a claimant, estate, or trust; and

(b) under which or by whom business is conducted or transacted.

(2) "Claimant" means a resident or nonresident person that has:

(a) Utah taxable income as defined in Section 59-7-101; or

(b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information.

(3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204.

(4) "Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

(5) "Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204.

(6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may:

(a) claim:

(i) as provided by statute; and

(ii) in an amount that does not exceed the business entity's tax liability for a taxable year under:

(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

(B) Title 59, Chapter 10, Individual Income Tax Act; and

(b) carry forward or carry back:

(i) if allowed by statute; and

(ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:

(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

(B) Title 59, Chapter 10, Individual Income Tax Act.

(7) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63N-2-213.

(8) "Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

Utah Code § 63N-2-202

Amended by Chapter 465, 2019 General Session ,§ 6, eff. 5/14/2019, retrospective operation for a taxable year beginning on or after January 1, 2019.

Amended by Chapter 11, 2016 General Session ,§ 3, eff. 3/1/2016, op. 1/1/2016.

Renumbered from § 63M-1-402 and amended by Chapter 283, 2015 General Session ,§ 75, eff. 5/12/2015.

Amended by Chapter 84, 2011 General Session

Affected by 63I-1-263 on 7/1/2028