State Codes and Statutes

Statutes > Utah > Title-63m > Chapter-01 > 63m-1-2805

63M-1-2805. Qualifications for tax credit -- Procedure.
(1) The office shall certify a business entity's eligibility for a tax credit as provided in thissection.
(2) A business entity seeking to receive a tax credit shall provide the office with:
(a) an application for the tax credit certificate;
(b) documentation of the new state revenues generated from the business entity'salternative energy project that were paid during the preceding calendar year; and
(c) a document that expressly directs and authorizes the State Tax Commission todisclose to the office the business entity's returns and other information concerning the businessentity that would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103of the Internal Revenue Code.
(3) (a) The office shall submit the document referred to in Subsection (2)(c) to the StateTax Commission.
(b) Upon receipt of the document, the State Tax Commission shall provide the officewith the information requested by the office that the business entity directed or authorized theState Tax Commission to provide to the office in the document referred to in Subsection (2)(c).
(4) If after review of the information provided by the business entity and the State TaxCommission the office determines that the documentation provided by the business entity is notsubstantially accurate, the office shall either:
(a) deny the tax credit; or
(b) inform the business entity that the documentation was inadequate and ask thebusiness entity to submit new documentation.
(5) If after review of the information provided by the entity and the State TaxCommission the office determines that the documentation provided by the business entity issubstantially accurate, the office shall, based upon the documentation:
(a) determine the amount of the tax credit to be granted to the business entity;
(b) issue a tax credit certificate to the business entity; and
(c) provide a duplicate copy of the tax credit certificate to the State Tax Commission.
(6) A business entity may not claim a tax credit under this part unless the business entityhas a tax credit certificate issued by the office.
(7) A business entity that claims the credit under this section shall retain the tax creditcertificate in accordance with Section 59-7-614.2 or 59-10-1107.

Amended by Chapter 45, 2010 General Session

State Codes and Statutes

Statutes > Utah > Title-63m > Chapter-01 > 63m-1-2805

63M-1-2805. Qualifications for tax credit -- Procedure.
(1) The office shall certify a business entity's eligibility for a tax credit as provided in thissection.
(2) A business entity seeking to receive a tax credit shall provide the office with:
(a) an application for the tax credit certificate;
(b) documentation of the new state revenues generated from the business entity'salternative energy project that were paid during the preceding calendar year; and
(c) a document that expressly directs and authorizes the State Tax Commission todisclose to the office the business entity's returns and other information concerning the businessentity that would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103of the Internal Revenue Code.
(3) (a) The office shall submit the document referred to in Subsection (2)(c) to the StateTax Commission.
(b) Upon receipt of the document, the State Tax Commission shall provide the officewith the information requested by the office that the business entity directed or authorized theState Tax Commission to provide to the office in the document referred to in Subsection (2)(c).
(4) If after review of the information provided by the business entity and the State TaxCommission the office determines that the documentation provided by the business entity is notsubstantially accurate, the office shall either:
(a) deny the tax credit; or
(b) inform the business entity that the documentation was inadequate and ask thebusiness entity to submit new documentation.
(5) If after review of the information provided by the entity and the State TaxCommission the office determines that the documentation provided by the business entity issubstantially accurate, the office shall, based upon the documentation:
(a) determine the amount of the tax credit to be granted to the business entity;
(b) issue a tax credit certificate to the business entity; and
(c) provide a duplicate copy of the tax credit certificate to the State Tax Commission.
(6) A business entity may not claim a tax credit under this part unless the business entityhas a tax credit certificate issued by the office.
(7) A business entity that claims the credit under this section shall retain the tax creditcertificate in accordance with Section 59-7-614.2 or 59-10-1107.

Amended by Chapter 45, 2010 General Session


State Codes and Statutes

State Codes and Statutes

Statutes > Utah > Title-63m > Chapter-01 > 63m-1-2805

63M-1-2805. Qualifications for tax credit -- Procedure.
(1) The office shall certify a business entity's eligibility for a tax credit as provided in thissection.
(2) A business entity seeking to receive a tax credit shall provide the office with:
(a) an application for the tax credit certificate;
(b) documentation of the new state revenues generated from the business entity'salternative energy project that were paid during the preceding calendar year; and
(c) a document that expressly directs and authorizes the State Tax Commission todisclose to the office the business entity's returns and other information concerning the businessentity that would otherwise be subject to confidentiality under Section 59-1-403 or Section 6103of the Internal Revenue Code.
(3) (a) The office shall submit the document referred to in Subsection (2)(c) to the StateTax Commission.
(b) Upon receipt of the document, the State Tax Commission shall provide the officewith the information requested by the office that the business entity directed or authorized theState Tax Commission to provide to the office in the document referred to in Subsection (2)(c).
(4) If after review of the information provided by the business entity and the State TaxCommission the office determines that the documentation provided by the business entity is notsubstantially accurate, the office shall either:
(a) deny the tax credit; or
(b) inform the business entity that the documentation was inadequate and ask thebusiness entity to submit new documentation.
(5) If after review of the information provided by the entity and the State TaxCommission the office determines that the documentation provided by the business entity issubstantially accurate, the office shall, based upon the documentation:
(a) determine the amount of the tax credit to be granted to the business entity;
(b) issue a tax credit certificate to the business entity; and
(c) provide a duplicate copy of the tax credit certificate to the State Tax Commission.
(6) A business entity may not claim a tax credit under this part unless the business entityhas a tax credit certificate issued by the office.
(7) A business entity that claims the credit under this section shall retain the tax creditcertificate in accordance with Section 59-7-614.2 or 59-10-1107.

Amended by Chapter 45, 2010 General Session