Section 63N-2-303 - Duties of the officeThe office shall:
(1) monitor the implementation and operation of this part and conduct a continuing evaluation of the effectiveness of the targeted business income tax credit in bringing significant new employment and significant new capital development to rural communities;(2) determine a business entity's eligibility for a targeted business income tax credit award;(3) ensure that tax credits are only awarded under this part to a business applicant that has satisfied performance benchmarks as determined by the office;(4) ensure that the amount of targeted business income tax credit awarded to a business applicant through a targeted business income tax credit eligibility certificate is no more than $100,000 for the business applicant's taxable year;(5) ensure that the aggregate amount of targeted business income tax credits awarded to business applicants through targeted business income tax credit eligibility certificates is no more than $300,000 for each fiscal year;(6) as part of the annual written report described in Section 63N-1a-306, prepare an annual evaluation that provides: (a) the identity of each business applicant that was provided a targeted business income tax credit eligibility certificate by the office during the year of the annual report; and(b) the total amount awarded in targeted business income tax credit for each development zone; and(7) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and in accordance with the provisions of this part, make rules regarding: (a) the determination of what constitutes: (i) significant new employment;(ii) significant new capital development; and(iii) a community investment project;(b) the form and content of an application for a targeted business income tax credit eligibility certificate under this part;(c) documentation or other requirements for a business applicant to receive a targeted business income tax credit eligibility certificate under this part; and(d) administration of targeted business income tax credit awards and the issuing of targeted business income tax credit eligibility certificates, including relevant timelines and deadlines.Amended by Chapter 282, 2021 General Session ,§ 97, eff. 7/1/2021.Amended by Chapter 352, 2017 General Session ,§ 2, eff. 5/9/2017, op. for a taxable year beginning on or after 1/1/2017.Renumbered from § 63M-1-502 and amended by Chapter 283, 2015 General Session ,§ 91, eff. 5/12/2015.Renumbered and Amended by Chapter 382, 2008 General Session