2006 Utah Code - 63-38f-402 — Definitions.

     63-38f-402.   Definitions.
     As used in this part:
     (1) "Business entity" means an entity:
     (a) including a claimant, estate, or trust; and
     (b) under which business is conducted or transacted.
     (2) (a) "Claimant" means a resident or nonresident person that has:
     (i) Utah taxable income as defined in Section 59-7-101; or
     (ii) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability or Information.
     (b) "Claimant" does not include an estate or trust.
     (3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63-38f-404.
     (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 63-38f-404.
     (6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a claimant, estate, or trust may:
     (a) claim:
     (i) as provided by statute; and
     (ii) in an amount that does not exceed the claimant's, estate's, or trust'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 claimant's, estate's, or trust'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 63-38f-413.
     (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.

Amended by Chapter 223, 2006 General Session